Ten-year-old Treasury yields climbed and tested resistance by 4.5% as inflation problems grew after the American labor data before January. Rising average hourly supply and increasing expectations of consumer inflation suggest that the FED will maintain its current position. The market is waiting for the inflation data that is released today, which sets the next tone for the American dollar index and gold market.
Golden (XAU) Technical analysis
Gold Daily Chart – Beerarish Hammer at $ 2,942
The daily gold graph shows that the price has reached the target zone of the rising channel between $ 2,900 and $ 3,000, which forms a bearish hammer. This pattern suggests that a short -term summit can form around these levels. Because the RSI is currently in Overbought territory, a short-term storage is likely.
A price correction of these levels can offer a buying option for gold investors. However, economic uncertainties arising from President Trump’s rates contribute to market volatility. In addition, releasing inflation figures on Wednesday can further stimulate the Gold meeting. A break above $ 3,000 would open the door for a movement to $ 3,200.