Gold Bounced Back!

Gold Bounced Back!

Gold Bounced Back!

Gold bounced back above $1,900 an ounce on Tuesday after a 3-day slide that drove prices below the key level, as a slight pullback in the US dollar and lower Treasury yields increased bullion’s appeal. The first resistance will be $1912 on a further rise and first support will be $1875 on a decline.

Gold bounced back above $1,900 an ounce on Tuesday after a 3-day slide that drove prices below the key level, as a slight pullback in the US dollar and lower Treasury yields increased bullion’s appeal. The dollar eased from a 2-year high scaled in the previous session, while the benchmark 10-year US yield retreated from 3-year highs as investors weighed expectations of faster Federal Reserve policy tightening against an increasingly clouded outlook for global growth. Investors are also monitoring a worsening Covid situation in China after authorities in Beijing expanded virus testing to most of the city, raising concerns about a lockdown of the capital. Moreover, Russia told the world not to underestimate the considerable risk of nuclear war it said it wanted to reduce and warned that conventional Western weapons were legitimate targets in Ukraine. Gold is seen as a safe store of value during economic and political crises.

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26 April 2022 07:12

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