The upside, however, remains capped in the wake of growing acceptance that the Federal Reserve (Fed) will keep interest rates higher for longer. It is worth recalling that the markets are still pricing in the possibility of one more 25 basis points (bps) lift-off by the end of this year, which remains supportive of elevated US Treasury bond yields. In fact, the yield on the benchmark 10-year US government bond shot to a nine-month high on Monday. This, in turn, assists the US Dollar (USD) to stand tall just below its highest level in more than two-month set the previous day and should continue to keep a lid on any meaningful recovery for the non-yielding Gold price.
Gold buy zone 1903-1900
Target 1930
Stoploss 1990
Gold buy zone 1903-1900
Target 1930
Stoploss 1990
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110 pips running