Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back As Traders Focus On Rising Treasury Yields

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back As Traders Focus On Rising Treasury Yields

Gold is losing some ground despite signs of de-escalation in the Middle East. President Trump said that Iran asked for negotiations. Trump agreed to continue talks but added that the ceasefire was over. Oil prices were down by roughly -1% as traders reacted to Trump’s comments. Treasury yields moved higher as bond traders ignored falling oil prices and bet that Fed would raise rates to fight inflation. The yield of 2-year Treasuries climbed above the 4.20% level, while the yield of 10-year Treasuries settled above 4.55%. Rising Treasury yields put pressure on gold that pays no interest. U.S. dollar lost some ground against a broad basket of currencies as forex traders reacted to geopolitical developments. However, weaker dollar did not provide material support to gold markets in today’s trading session. From the technical point of view, gold is stuck between support at $4020 – $4040 and resistance at $4180 – $4200. In case gold manages to climb above the $4020 level, it will head towards the resistance at $4360 – $4380. On the support side, a move below the $4020 level will push gold prices towards the $3950 level. In case gold settles below $3950, it will likely gain sign...