🔖XAU/USD, H4🔖 13 March 2024
Gold prices witnessed a significant downturn in response to the upbeat US inflation report and rising US Treasury yields. Concerns about higher interest rates prompted investors to offload non-yield assets such as gold. Concurrently, yields on the 2-year and 10-year Treasury bonds saw slight increases. Investors are advised to monitor additional US economic data releases and Federal Reserve statements for further trading signals.
Gold prices are trading lower while currently testing the support level. Suggesting the commodity might enter overbought territory.
Resistance level: 2235.00, 2350.00📉
Support level:2150.00, 2080.00📈
Gold prices witnessed a significant downturn in response to the upbeat US inflation report and rising US Treasury yields. Concerns about higher interest rates prompted investors to offload non-yield assets such as gold. Concurrently, yields on the 2-year and 10-year Treasury bonds saw slight increases. Investors are advised to monitor additional US economic data releases and Federal Reserve statements for further trading signals.
Gold prices are trading lower while currently testing the support level. Suggesting the commodity might enter overbought territory.
Resistance level: 2235.00, 2350.00📉
Support level:2150.00, 2080.00📈