Gold has struggled to approach the new all-time high around $2341, apart from the Friday push, and has traded sharply lower on Monday. The next level of support for the yellow metal appears at $2319.50 ($2320), which could indicate a deeper pullback towards $2222.
Gold has been trading within overbought territory for an extended period of time and has finally recovered into a more ‘normal’ range. Gold has proven to be impervious to a stronger US dollar as well as US Treasury yields, but now that risk appetite appears to have lifted, will the non-yielding metal begin to feel the effects. Additionally, robust US data has led the market to push out rate cuts later in the year, something that is likely to keep the greenback supported, weighing on gold.
Gold has been trading within overbought territory for an extended period of time and has finally recovered into a more ‘normal’ range. Gold has proven to be impervious to a stronger US dollar as well as US Treasury yields, but now that risk appetite appears to have lifted, will the non-yielding metal begin to feel the effects. Additionally, robust US data has led the market to push out rate cuts later in the year, something that is likely to keep the greenback supported, weighing on gold.
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