Gold registered gains for the second straight week as US T-bond yields continued to fall XAU XAUUSD $XAU $XAUUSD
said on Tuesday that the policy rate was likely to be positive at the end of the third quarter, triggering capital outflows from the dollar to the euro.
Ahead of the weekend, The US Bureau of Economic Analysis reported that the Personal Consumption Expenditures Price Index declined to 6.3% on a yearly basis in April from 6.6% in March. The annual Core PCE Price Index, the Fed’s preferred gauge of inflation, edged lower to 4.9% as expected…The NBS Manufacturing PMI and Non-Manufacturing PMI data will be featured in the Chinese economic docket on Tuesday. Both of these readings are forecast to rebound in May following April’s significant decline.
Speaking of yields, 2.7%, which is the Fibonacci 23.6% retracement of the uptrend that started in December, aligns as a key technical level for the 10-year US T-bond yield. If that support fails, a steep decline in US yields could open the door for a gold rally.Gold closed the week above the 200-day SMA and the Fibonacci 23.6% retracement of the latest downtrend, suggesting that sellers remain on the sidelines. On the upside, $1,870 aligns as next resistance.
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