GOLD: FUNDAMENTALS+TECHNICAL ANALYSIS | SHORT SETUP 🔔
Gold price remains choppy within a familiar range amid mixed market sentiment.
The West mulls additional punishments on Russia, US Treasury yields head south.
Gold price remains stuck between two key daily averages, Fed minutes eyed for a fresh direction.
Gold price defied the bullish odds and rebounded from multi-day troughs of $1,916, as the worsening Russia-Ukraine crisis and yield curve inversion infused safe-haven flows into the bright metal. Tensions surrounding the Russia-Ukraine war heightened after the US and European Union (EU) considered additional sanctions and penalties against Russia’s atrocities on innocent Ukrainian civilians. Russia, however, has denied allegations of war crimes. Investors remained on the edge while scurrying for safety in gold price, despite the US dollar’s strength. Adding to it, the US two-year Treasury yields climbed to their highest level since early-2019 while 10-year yields ticked lower, leading to the inversion of the yield curve, which usually hints at an incoming recession. Gold bulls, therefore, benefited even as Wall Street advanced on a tech stock rally. The Nasdaq and S&P 500 indices were boosted by mega-caps and a 20% jump in Twitter's shares.
Gold price has tuned south once again on Tuesday, as the US dollar holds the higher ground while the yields seem to stabilize. The market mood remains mixed, with the Asian indices tracking Wall Street higher, although thin trading and Ukraine concerns keep investors on the back foot. Oil prices are firming up amid the specter of fresh sanctions on Russia, stoking inflation and growth fears.
Attention now turns towards the US ISM and S&P Global Services PMIs, the UN Security Council meeting on Ukraine and the inverted Treasury yields curve for fresh impetus on gold price action. The Fed minutes this Wednesday, however, will be the key event risk, which will provide fresh insights on whether the world’s most powerful central bank will deliver a series of aggressive rate hikes to quell raging inflation.
The West mulls additional punishments on Russia, US Treasury yields head south.
Gold price remains stuck between two key daily averages, Fed minutes eyed for a fresh direction.
Gold price defied the bullish odds and rebounded from multi-day troughs of $1,916, as the worsening Russia-Ukraine crisis and yield curve inversion infused safe-haven flows into the bright metal. Tensions surrounding the Russia-Ukraine war heightened after the US and European Union (EU) considered additional sanctions and penalties against Russia’s atrocities on innocent Ukrainian civilians. Russia, however, has denied allegations of war crimes. Investors remained on the edge while scurrying for safety in gold price, despite the US dollar’s strength. Adding to it, the US two-year Treasury yields climbed to their highest level since early-2019 while 10-year yields ticked lower, leading to the inversion of the yield curve, which usually hints at an incoming recession. Gold bulls, therefore, benefited even as Wall Street advanced on a tech stock rally. The Nasdaq and S&P 500 indices were boosted by mega-caps and a 20% jump in Twitter's shares.
Gold price has tuned south once again on Tuesday, as the US dollar holds the higher ground while the yields seem to stabilize. The market mood remains mixed, with the Asian indices tracking Wall Street higher, although thin trading and Ukraine concerns keep investors on the back foot. Oil prices are firming up amid the specter of fresh sanctions on Russia, stoking inflation and growth fears.
Attention now turns towards the US ISM and S&P Global Services PMIs, the UN Security Council meeting on Ukraine and the inverted Treasury yields curve for fresh impetus on gold price action. The Fed minutes this Wednesday, however, will be the key event risk, which will provide fresh insights on whether the world’s most powerful central bank will deliver a series of aggressive rate hikes to quell raging inflation.
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