Gold Price Outlook: XAU/USD Struggles as Bitcoin Rises, Eyes on Fedspeak Ahead
2021-05-25 05:00:00
Daniel Dubrovsky,
Strategist
Gold, XAU/USD, Bitcoin, Fed, Treasuries, Technical Analysis - Talking Points:
Gold struggled rising despite USD and Treasury yield weakness
Bitcoin climb may have offset the yellow metal’s upside potential
XAU/USD breakout above resistance seems unconvincing for now
Anti-fiat gold prices spent most of Monday consolidating as the yellow metal’s upside momentum slowed. XAU/USD was also unable to capitalize on a weaker US Dollar and falling longer-term Treasury rates. The 10-year yield fell to its lowest in about 2 weeks. Dovish Fedspeak seemed to be the key fundamental driver behind the performance in the Greenback and bonds over the past 24 hours.