Gold Dips Amid Rising Treasury Yields; Focus on Key Support
Gold experienced a decline on Tuesday, reaching a nadir of $1,895.50 per ounce, marking its lowest point since the conclusion of June. This drop occurred in conjunction with 10-year U.S. Treasury yields reaching an almost 10-month pinnacle, rendering them more appealing than bullion, which does not yield interest.
Tim Waterer, the chief market analyst at KCM Trade, remarked, "Up until now, gold has managed to withstand a brief descent below the $1,900 threshold, similar to its performance at the end of June. During these instances, buyers intervened at this crucial juncture, both from a technical and psychological standpoint."
However, Waterer also noted that should the demand for the dollar remain robust and the $1,900 level eventually succumbs, this scenario could trigger a more substantial downward breakout movement.
Later, investors will scrutinize the minutes originating from the Federal Reserve's policy meeting held in July, seeking insights into the central bank's forthcoming strategy regarding interest rates.
XAUUSD BUY 1902-1904💯
✅ TP1: 1908
✅ TP2: 1913
🛑 SL: 1898
Tim Waterer, the chief market analyst at KCM Trade, remarked, "Up until now, gold has managed to withstand a brief descent below the $1,900 threshold, similar to its performance at the end of June. During these instances, buyers intervened at this crucial juncture, both from a technical and psychological standpoint."
However, Waterer also noted that should the demand for the dollar remain robust and the $1,900 level eventually succumbs, this scenario could trigger a more substantial downward breakout movement.
Later, investors will scrutinize the minutes originating from the Federal Reserve's policy meeting held in July, seeking insights into the central bank's forthcoming strategy regarding interest rates.
XAUUSD BUY 1902-1904💯
✅ TP1: 1908
✅ TP2: 1913
🛑 SL: 1898
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