Will Stronger Greenback Put Pressure on Gold?
Your market news roundup
- The US 10-year treasury yield soared to its 16-year high, reaching 5% per annum, seen a significant 29% increase year-to-date.
- Aside from that, the Fed maintained its hawkishness, with a more cautious note, indicating a less aggressive approach than the previous months.
- In the current condition, heating conflict and a less vibrant economy, investors are in “flight-to-quality” mode to safeguard their portfolios.
- From a technical perspective, Gold has sustained its upward momentum since the beginning of the month. The price bounced back from its intraday drop.
- If XAUUSD immediately surges from its intraday recovery, the price may retest the 2,000 – 2,010 USD per troy ounce area.
- On the contrary, XAUUSD may retrace deeper to 1,930 – 1,945 USD per troy ounce if the price continues its correction.