Gold Price Forecast: XAU/USD tumbles below $1850 on elevated US bond yields Gold XAUUSD Metals
Gold falls as US T-bond yields climbed
falling 0.28%, at 104.232. Contrarily, US Treasury bond yields, mainly the 10-year, is up one bps at 3.967%, a headwind for Gold prices. In addition to Jerome Powell’s appearance at the congress, XAU/USD traders are eyeing US employment data. The prior month’s USreport crushed estimates of 200K, creating more than 500K jobs in the economy. For February, market analysts expect an increase of just 200K compared to last month’s data. Upbeat data would send XAU/USD extending its losses, as further labor market tightening would warrant higher rates in the US economy, so it could be slowed down to curb inflation.
Gold’s first support would be the confluence of the 20/50-day EMAs at $1846.00. Once cleared, XAU/USD would get towards the March 3 daily low of $1835.51, followed by the 100-day EMA at $1822.15 and the 200-day EMA at $1805.16.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD bulls focus on Federal Reserve Chairman Powell, United States jobs reportGold price (XAU/USD) began March on a front foot, by posting the first positive weekly close in five. The XAU/USD bulls keep the reins during the earl
Read more »
Gold Price Forecast: XAU/USD needs to surpass $1,865-$1,870 to extend its gainsGold price is seen consolidating its recent gains to a nearly three-week high touched on Friday. FXStreet’s Haresh Menghani analyzes XAU/USD’s technic
Read more »
Gold Price Forecast: XAU/USD eases from near $1,860 despite weaker Treasury bond yieldsGold price is struggling to regain upside traction despite falling Treasury bond yields. US Dollar drops amid repositioning ahead of Federal Reserve
Read more »
Gold Price Forecast: XAU/USD bears are in play with eyes on Fed's Powell and NFPGold price is slightly offered at the start of the week as markets hold their breath ahead of an update on the US rate outlook from the Federal Reserv
Read more »
AUD Price Forecast: Aussie Dollar Hampered by Chinese GDP ExpectationsThe Australian dollar gave up some of its gains this Monday morning after China’s National People’s Congress (NPC) delivered a more conservative outlook for 2023 GDP. Get your market update from WVenketas here:
Read more »
Shiba Inu (SHIB) Burn Rate up 840%, Here's What This Means for PriceShiba Inu price down, but its burn rate gives confidence about its future price growth
Read more »