Gold Market Outlook
The US bond market is maintaining its recovery mode and pushing the yields on US Treasury bonds lower. In turn, this is assisting the price of non-yielding gold. The US Dollar's recent turnaround is being restrained by the recent decline in US bond yields, which has also contributed to the recent increase in the price of gold in Wednesday trading.
Following this week's consolidation, which comes after a persistent rise from the October low of $…, the price of gold is forming what may be a bull flag pattern. The immediate resistance is currently located at the $… level, and the daily technical setup for the price of gold is still in favour of bullish traders. In order to challenge the $… high set on July 20, acceptance over the latter is required. In order to reach the $… barrier, gold investors will then aim for the five-month highs of $…
On the other hand, if gold sellers regain control, they would aim for a consistent break of the $… low set on October 23. The $… psychological level will be retested further south.
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