It has been one-way buying and selling in gold because the begin of March however the fever seems to have damaged as we speak, with costs down $59 to $2332.
gold day by day
There’s some minor assist from a obscure trendline at $2310 however the larger degree is the previous all-time excessive close to $2200.
The driving force for gold thus far this 12 months is Asian demand, possible from the PBOC. That is been supplemented extra just lately by retail shopping for and a few monetary shopping for. That urge for food will likely be examined by this transfer as there have been few dips to purchase prior to now two months.
The issue proper now’s that rising bond yields are competing for capital. US 2-year notes pay practically 5% and till that begins happening due to Fed charge cuts, it is going to stay a headwind for gold.
