Bond yields increased, placing pressure on the non-interest bearing metal, erasing gains made in the aftermath of the Federal Reserve meeting. The 10-year yield in the United States has risen to its highest level in two weeks, boosted by rising inflation expectations and data showing that the economy accelerated in the first quarter. The dollar rose from its lowest level since February as interest rates in the United States rose, hurting demand for gold, which is priced in the greenback.
Following a record-breaking rally last year, gold lost steam in the first three months of 2021, as optimism about reopening economies and vaccine rollouts boosted dollar and bond yield advances, reducing demand for gold as a safe haven.
1. Give the above, good to enter gold
2. Suggested price for $1780.
$1771.90 is the stop loss level, and $1797.00 is the profit goal.
3. The US dollar is being weighed down by a drop in US Treasury yields and hopes of easy monetary policy.
4. Price is near a high support level, and momentum indicators point to a positive price trend in the near future.
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