Gold prices (XAU/USD) are on the rebound following a corrective move from a psychological resistance level, inspired by rising long-term US Treasury bond yields. The precious metal is now eyeing a return to this year's peak as concerns over an expanding Middle East conflict persist due to the Israel-Palestine tensions. The 10-year US Treasury bond yields have surged to multi-year highs at 5%, amid expectations of stronger US economic data set to be released this week.
Investors are closely monitoring the growth pace from July to September, which will set the stage for year-end interest rates. Optimistic growth rates will demonstrate a robust labor market, strong consumer spending, and economic recovery, despite the tightening monetary policy by the Federal Reserve. Gold has rebounded after a correction, nearing $1,970.00, with expectations of reclaiming the year's high near $2,000.00. The precious metal has seen significant gains in the past two weeks. A rising price trend, represented by the 20 and 50-day Exponential Moving Averages (EMAs), provides an advantage moving forward. Oscillators have shifted into the bullish range, indicating that the upward momentum has been triggered.
Investors are closely monitoring the growth pace from July to September, which will set the stage for year-end interest rates. Optimistic growth rates will demonstrate a robust labor market, strong consumer spending, and economic recovery, despite the tightening monetary policy by the Federal Reserve. Gold has rebounded after a correction, nearing $1,970.00, with expectations of reclaiming the year's high near $2,000.00. The precious metal has seen significant gains in the past two weeks. A rising price trend, represented by the 20 and 50-day Exponential Moving Averages (EMAs), provides an advantage moving forward. Oscillators have shifted into the bullish range, indicating that the upward momentum has been triggered.
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