• Edwick Haron

Gold Price Analysis: US Treasury yields above 1.75% to burden XAU/USD

In spite of some sharp swings saw before a week ago, key levels for gold stay safe. The following critical XAU/USD move relies upon US T-security yields, FXStreet's Eren Sengezer reports.

See – Gold Price Analysis: XAU/USD to float around $1850 by end-March 2022 – Deutsche Bank

Key statements

"A few individuals from the FOMC, including Chairman Powell, will convey discourses on Monday and later in the week. Powell is probably not going to change his tone a couple of days after the approach meeting however market members will watch out for security yields. The benchmark 10-year US T-security yield appears to have met solid opposition at 1.75% and a break over that level could give a lift to the USD and burden gold."

On Thursday, the US Bureau of Economic Analysis will distribute its last perusing of the final quarter Gross Domestic Product (GDP) development. All the more significantly, the Core Personal Consumption Expenditures (PCE) Price Index, the Fed's favoured check of swelling, will be viewed for new stimulus. The market agreement focuses on an unaltered perusing in the Core PCE Price Index at 1.5% consistently in February. The USD could profit by a higher-than-anticipated print and the other way around."

"On the potential gain, the principal obstacle is situated at $1,745 (Fibonacci 38.2% retracement of the Feb. 2-Mar. 8 downtrends). On the off chance that XAU/USD figures out how to clear that obstruction, the following objective could be seen at $1,767 (Fibonacci half retracement) in front of $1,790 (50-day SMA, Fibonacci 61.8% retracement)."

"Backing could be seen at $1,720 (Fibonacci 23.6% retracement) and $1,700 (Mar. 12 low, mental level)."

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