Gold was down on Monday morning after testing high level of $ 1878, It is come down again on the 200 moving average. Benchmark U.S. 10-year Treasury yields also rose to their highest since May 9, denting demand for zero-yield gold.
U.S. inflation data Friday showed that the U.S. consumer price index released Friday rose 8.6% in May year-on-year, a fresh 40-year high, adding to investors’ concerns about a recession caused by tightening monetary policies from the Federal Reserve.
Right now Gold is trading around $ 1865, If it sustain below the level of 1855 then it can test the level of 1850, 1842 & 1835 as well. On the other side if it goes upside above the level of 1874 then it can retest the level of 1879, 1880 & 1890 as well.
U.S. inflation data Friday showed that the U.S. consumer price index released Friday rose 8.6% in May year-on-year, a fresh 40-year high, adding to investors’ concerns about a recession caused by tightening monetary policies from the Federal Reserve.
Right now Gold is trading around $ 1865, If it sustain below the level of 1855 then it can test the level of 1850, 1842 & 1835 as well. On the other side if it goes upside above the level of 1874 then it can retest the level of 1879, 1880 & 1890 as well.