Gold price is treading water on Wednesday while sitting at the highest levels in roughly two weeks near $ 1,830. The pullback in the US Treasury yields from two-and-a-half year highs fuelled a drop in the dollar across its main peers, limiting the retreat in gold price. The further upside, however, remains capped by the risk-on market mood, thanks to the Wall Street tech boost.
In the absence of significant US macro data, gold price will continue to track the yields ’price action, as investors keep an eye on the Russia-Ukraine geopolitical developments. Cleveland Fed Chief Loretta Mester’s speech and 10-year Treasuries auction will be awaited as well for any fresh impulse on gold trading but the reaction could be limited ahead of Thursday’s all-important US inflation data.
Current Support: 1785
Current Resistance: 1875
In the absence of significant US macro data, gold price will continue to track the yields ’price action, as investors keep an eye on the Russia-Ukraine geopolitical developments. Cleveland Fed Chief Loretta Mester’s speech and 10-year Treasuries auction will be awaited as well for any fresh impulse on gold trading but the reaction could be limited ahead of Thursday’s all-important US inflation data.
Current Support: 1785
Current Resistance: 1875