Gold Failed To Hold Above 1800 Level

Gold Failed To Hold Above 1800 Level

Gold Failed To Hold Above 1800 Level

Despite the increasing inflation concerns about the USA, the preserved uncertainties regarding the Fed's reduction of the bond buying program continue to cause depreciation on the dollar side. With this image, we see that on the Ounce Gold side, the attacks on the 1800 level are gaining momentum. On the other hand, it can be said that the US 10-year bond yields, which are currently priced above the 1.62 percent level, somewhat suppressed the upward movement in commodities. However, we can say that high inflation messages from important officials in the country, especially the US Senator, are an important development that triggers uncertainty in the markets. However, we see that the positivity in the US balance sheets, led by the technology sector, triggered the risk appetite in the markets, and the upward momentum in the safe havens was suppressed.

If we focus on the data to be announced on the US side, while the first trading day of the week was calm in this context, consumer confidence came in at 113.8 yesterday, slightly above the expectations. On the other hand, new house sales in the country rose to a 6-month high by 14.0 percent.

According to the headlines, it can be said that Ounce Gold could not be permanent in closings above 1800 level, as the dollar gained a slight acceleration in its upward movement.
After all these developments, if the 1782 support is passed in the precious metal, which accelerates the retreat momentum with the return from the 1805 level, the declines can accelerate the attacks towards the 1750 and 1720 support levels, together with the 1770 intermediate support. However, in the reversal, which may occur from a possible 1782 level, the rises may reach the 1833 and 1870 resistance levels with the permanent exceeding of the 1805 level.

Previous News

Next News