Gold Pumps Above $1,700 – US Inflation Figures in Focus Today
The gold price has seen renewed demand from about $1,702.00 in the Tokyo session, while the US dollar index (DXY) is performing poorly. The DXY is attempting to break over the intraday resistance level of 110.40.
Even though the returns on US government bonds have dropped sharply, the risk profile has become slightly more positive, which has made people want to buy GOLD.
The 10-year US Treasury rates have dropped below 4.09% because more people think the Federal Reserve (Fed) will slow down its efforts to tighten policy. After a sell-off on Wednesday, S&P 500 futures have attempted to recover in Tokyo. Volatility ahead of the US mid-term elections outcome and the announcement of a mass lay-off of employees at Facebook now punished the US 500-stock basket.
Gold Technical Outlook
Today’s trading range is expected to be between $1,690 support and $1,730 resistance.
Today’s expected trend: bullish
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