Gold hangs on at key support level for now ...Middle East

The sharp move higher in Treasury yields and the dollar yesterday resulted in a steep drop in gold. Of note, the fall took out the January low as well as the $2,000 mark. But at least for the time being, buyers are able to hang on as the 100-day moving average (red line) at $1,989.90 is not firmly broken just yet.As mentioned earlier, the next leg higher in the dollar might be tougher to come by. And gold is part of that consideration as well, amid its correlation with bond yields for the most part. As such, it might require 10-year Treasury yields breaking its own 100-day moving average of 4.342% to really move the needle lower in gold.That said, there are still some critical support layers

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Last updated : 14 February 2024 clock 01:52 PM

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