Gold Price Forecast: XAU/USD steady around $1860s despite US dollar strength and high US bond yields By christianborjon Gold Metals Commodities Macroeconomics Sentiment
ats from daily tops around $1,871 as geopolitical tensions appear to ease in the conflict between Russia and Ukraine. That said,Financial markets sentiment remains downbeat, as shown by global equities falling, except for the Nasdaq Composite in the US. US Treasury yields keep rising, led by the 10-year T-note yield, at 2.021%, up to ten basis points in the day, though the non-yielding metal remains stubbornly in the green, amid escalations in the eastern Europe conflict.
Those remarks appeared to ease the market mood, though they failed to reignite a rally in US equities. Gold is trading above a nine-month-old, despite rising US T-bond yields and broad US dollar strength across the board. Furthermore, it is trading above the mid-line between the center-top Pitchfork’s uptrend channel, a confluence, which once broken, would expose the top of it, around the $1,872-75 area.