➡️ Rising bond yields take a toll on gold. The yellow metal is less attractive as an interest-free alternative investment in this situation.
Higher bond yields and US real interest rates appear to have started to take their toll yesterday. Several Fed officials also called for faster or stronger monetary tightening following Fed Chairman Powell's speech. The 10-year US Treasury yield has now risen to 2.4%. Rising yields and real interest rates are making gold less attractive as an interest-free alternative investment.
Most likely, the metal will still head down to the support at 1878$. At the moment, buyers are trying to break through the resistance line upwards. It is possible that it will be possible to break through, but it will not work to gain a foothold. Therefore, in the event of such an upward breakdown, it is not worth entering the long immediately. A false breakout of the resistance line in this case is a strong short signal.
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Higher bond yields and US real interest rates appear to have started to take their toll yesterday. Several Fed officials also called for faster or stronger monetary tightening following Fed Chairman Powell's speech. The 10-year US Treasury yield has now risen to 2.4%. Rising yields and real interest rates are making gold less attractive as an interest-free alternative investment.
Most likely, the metal will still head down to the support at 1878$. At the moment, buyers are trying to break through the resistance line upwards. It is possible that it will be possible to break through, but it will not work to gain a foothold. Therefore, in the event of such an upward breakdown, it is not worth entering the long immediately. A false breakout of the resistance line in this case is a strong short signal.
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👍Thanks for your comments and likes👍
👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
