Gold Price Rises as US Treasury Bond Yields Depress Greenback Amid Debt Ceiling Concerns

As a result, the yield spread between one-month and three-month US Treasury bonds has widened to its widest since 2001. As a result, the US Dollar Index (DXY) is trading near 101.30, down for the fourth day in a row.

Gold Price Technical Analysis

As GOLD prices break over a one-week-old declining resistance line, they are approaching the 50-bar Simple Moving Average (SMA) at about $2,003, while the Moving Average Convergence and Divergence (MACD) indicator is displaying positive signals. The stable Relative Strength Index (RSI) line at 14 also encourages buyers of XAU/USD.

With these variables in mind, the precious metal is primed for further advances, with a potential monthly high of over $2,049 in sight.

GOLD sellers would need confirmation from the five-week-old ascending support line to reclaim control, which was around $1,980 at the time of writing. If the XAU/USD price falls below this level, bears may focus on the 200-bar SMA at $1,966 and the late March low under $1,935.

It is vital to note that if the XAU/USD price falls below $1,935, it may soon fall towards the 61.8% Fibonacci retracement of its March-April uptrend, which is near the $1,900 mark.

Gold Price Rises as US Treasury Bond Yields Depress Greenback Amid Debt Ceiling Concerns

The [[gold]] price (XAU/USD) is nearing $1,996 as it extends its recovery from a five-week-old ascending support line during early Tuesday.

Gold Price Technical Analysis

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Gold Price Rises as US Treasury Bond Yields Depress Greenback Amid Debt Ceiling Concerns

The [[gold]] price (XAU/USD) is nearing $1,996 as it extends its recovery from a five-week-old ascending support line during early Tuesday.

Gold Price Technical Analysis

Related Articles

Comments

Sidebar rates

HFM

Related Posts

Doo Prime

XM

Best Forex Brokers