- Gold remains in consolidation mode despite rising Treasury yields.
- Key support around $1915, resistance at $1935 and $1945.
The gold it is advancing on Thursday although it remains sideways, without moving away from $1930. The precious metal climbed to $1,934, the highest level in two days after the start of the American session and despite the rise in Treasury bond yields.
Despite this rise, the overall picture for XAU/USD remains sideways, with the price finding support at $1915 and rising with strong resistance at $1945 and prior to that failing to assert itself above $1930.
The metal has managed to stay in the range despite the strong rise in Treasury bond yields. The 10-year rate is at 2.63%, and the 30-year rate at 2.69%, at levels not seen in years.
Wednesday’s Fed minutes reinforced expectations of more aggressive monetary tightening by the US central bank, weighing on bonds. The price fell on Wednesday, but the $1915 zone contained the declines.
Losing the $1915 level would expect more pressure on gold, and a test of $1900; below the focus will be the March low at $1889. If it becomes clear above $1930, gold could go looking for the top of the range at $1945. A close above would be a positive factor for the metal’s near-term future.
Technical levels
Source: Fx Street
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