Gold bounced back!

Gold bounced back!

Gold bounced back!

Gold Bounced Back

Gold bounced back toward $1,770 an ounce on Wednesday after tumbling 0.6% in the previous session, amid a pullback in the dollar and Treasury yields. Escalating geopolitical tensions between the US and China over House Speaker Nancy Pelosi’s visit to Taiwan also supported safe-haven demand for the metal. The first resistance will be $1769 on a rise and first support will be $1733 on a decline.

Gold bounced back toward $1,770 an ounce on Wednesday after tumbling 0.6% in the previous session, amid a pullback in the dollar and Treasury yields. Escalating geopolitical tensions between the US and China over House Speaker Nancy Pelosi’s visit to Taiwan also supported safe-haven demand for the metal. On Tuesday, a sharp rally in the dollar and US yields pressured gold prices as several Federal Reserve officials signaled that they would pursue their aggressive tightening plans to bring inflation under control. St. Louis Fed President James Bullard mirrored his colleagues’ views, and indicated confidence that the economy can achieve a soft landing.

GOLD – XAUUSD 

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