Gold is neutral-to-bearish in the near term and could extend its decline once below 1,915.40
US government bond yields soared to fresh multi-year highs after Fed Brainard's comments.Spot gold plunged amid resurgent dollar demand, the latter boosted by soaring US government bond yields. The bright metal neared the weekly low at $1,915.39 a troy ounce, after trading as high as $1,944.56. The market’s mood soured amid persistent tensions in Eastern Europe, as the world condemns the Russian attack on Ukraine’s city of Bucha.
Meanwhile, global indexes trade in the red, with Wall Street trimming Monday’s gains and reaching fresh weekly lows.Gold Price is currently trading at around $1,924 a troy ounce. The daily chart shows that a mildly bearish 20 SMA capped advances, while technical indicators remain within neutral levels, as the metal keeps trading within familiar levels.shows that the price seesaws around congesting and mildly bearish moving averages, now a handful of bucks below it.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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