Gold is finding renewed interest from two forces: falling real yields and a cautious Fed. Despite the dollar’s strength, we’re seeing the yellow metal hold above $3,300. Treasury yields are sliding, and global central banks, especially China’s PBOC, are still net buyers of gold. The World Gold Council reported $38 billion in inflows to gold ETFs in the first half of the year, the highest in five years.
Technically, support remains stiff at the 50-day EMA ($3,305), with a ceiling at $3,340. If broken, $3,360 - $3,400 comes back into play. But failure to hold above $3,300 opens downside risk to $3,246, and possibly $3,185.
Technically, support remains stiff at the 50-day EMA ($3,305), with a ceiling at $3,340. If broken, $3,360 - $3,400 comes back into play. But failure to hold above $3,300 opens downside risk to $3,246, and possibly $3,185.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.