- Gold returns to erase gains.
- Confirmation below $1648 would enable further downside.
- Treasury bond yields remain stable.
The Prayed rose hours ago to $1661 but then lost steam and pulled back giving back all gains as it fell towards the $1650 area. He made a daily low at $1,648 and bounced slightly.
The yellow metal remains under some downward pressure, reflected in the limited timing of the recovery. A confirmation clearly below $1650/48 would expose last week’s low of $1639. Below the next support is seen at $1620. On the upside, a confirmation above $1660, gold would be positioned to extend the run higher, with an eye on the next resistance seen at $1680.
Dollar recovers, bonds stable… gold loses shine
The decline in gold is behind the stability in the Treasury bond market, with yields in the area of ​​maximum in months. In addition to adding that the dollar stopped losing ground, cut losses and even just hit highs against the euro and the pound.
The advance of the dollar occurs before the expectation of the monetary policy of the Federal Reserve and despite the fact that futures on Wall Street point to extending the rally in shares.
Technical levels
Source: Fx Street
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