Gold, silver price today: Analysts say rising US dollar on higher bond yields and increasing hope of a rebound in the world s biggest economy weighed on sentiments in the bullion market.
The late-February breakdown may be losing some steam as the multi-week decline probes trend support. Here are the levels that matter on the XAU/USD technical charts.
Gold is clinging to support around the $1,715 mark after plummeting nearly $100 in the last two weeks. Alongside a modest decline in US Treasury yields, gold might look to inch higher in the days a.
Gold Price Plummets as Treasury Yields Soar. Where to Next for Gold?
2021-02-25 21:00:00
Peter Hanks,
Strategist
Gold Price Outlook:
Support beneath $1,764 is sparse putting gold at risk of a deeper retracement
Gold Price Plummets as Treasury Yields Soar. Where to Next for Gold?
Gold suffered another considerable decline late this week, adding to the string of defeats in recent months as US Treasury yields continue to rise. The weakness in gold price is not entirely unsurprising as we noted the negative correlation between gold and US Treasury yields in our last gold update. Critically, US Treasury yields, in particular the US 10 year Treasury yield, briefly broke above 1.6% Thursday which marked its highest point since mid-February 2020.
Gold Price Forecast: Gold Breakdown Accelerates â XAU/USD Bulls Done? 2021-02-26 20:00:00 Michael Boutros, Strategist
Gold Technical Price Outlook: XAU/USD Weekly Trade Levels
Gold priceupdated technical trade levels - Weekly Chart
XAU/USD plunges throughout critical support- risk for further losses heading into March Advertisement
Gold prices plummeted more than 3.3% this week with XAU/USD breaking below key technical support to fresh yearly lows. The losses mark the largest weekly decline this year with the plunge risking a deeper correction in the yellow metal heading into March trade. These are the updated targets and invalidation levels that matter on the gold weekly charts into the close of the month. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this gold technical setup and more.