Gold Prices Decline Again Amid Rising US Yields
Gold prices (XAU/USD) fell again for the second day in a row after experiencing an intraday increase in the $2647-2,648 area on Monday and moved further away from the highest level in almost three weeks reached on Friday last week.
Meanwhile, the Federal Reserve's (Fed) hawkish signal that they will slow the pace of interest rate cuts in 2025 continues to support the increase in US Treasury bond yields and turned out to be the main factor driving outflows from this yellow metal.
The price of gold when this news was released was at $2632/ Toz.
RECOMMENDATION
- Buy if price moves to around $2637
- Sell if price moves to around $2623
Resistance Level 2: $2647
Resistance Level 1: $2642
Support Level 1: $2618
Support Level 2: $2613
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in the transaction before making an investment decision.
Source: Newsmaker