- Gold rises for the sixth day in a row, closer to $2,000.
- The fall in Treasury bonds favors sharp corrections, but does not stop the bullish rally.
- More US inflation data will be released on Wednesday.
The Prayed it is rising again on Wednesday and does not stop the upward march. XAU/USD reached as high as $1979.91, reaching the highest level in a month. It reached that level after bouncing off $1,960. The bullish tone remains intact.
The metal trades near daily highs eyeing $1980 and beyond. In three days the rise is $40 and the rally does not stop, even despite the advance in Treasury yields.
The 10-year US bond rate is at 2.74% and the 30-year rate at 2.83%, after having marked hours ago at 2.87%, a new maximum in years. The rise in yields continues to favor the upward trend in gold with significant corrections.
The bond market had a day marked by the US inflation data for March, which reached 8.5% (annual), the highest since December 1981. On Wednesday it will be the turn of the wholesale inflation data.
Neither the progress of dollar is holding back gold. The DXY finally closed in the positive on Tuesday, completing eight days with gains. On Wednesday the index rises again, at its highest since May 2020, near 100.50.
Technical levels
Source: Fx Street
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