Gold Price Forecast: XAU/USD stays on the way to $1,960, NATO, yields eyed
- Gold prices stay above short-term key resistance, now support, despite retreating from weekly top.
- Yields underpin USD rebound but all depends upon today’s NATO summit, US data.
- Intraday bears may take entries below $1,937 but $1,930 holds the key for further weakness.
Gold (XAU/USD) bulls faced rejection around $1,949 heading into Thursday’s European session, having cheered the pullback in US Treasury yields with the biggest daily jump in two weeks the previous day.
That said, the yellow metal’s pullback could be linked to the firmer US dollar and a rebound in the T-bond yields, which in turn take clues from hawkish Fedspeak and fears of an escalation in the Ukraine-Russia war.
Also underpinning the US dollar’s safe-haven demand is the covid resurgence in China and Europe, as well as market’s anxiety ahead of the US preliminary PMIs for March and Durable Goods Orders for February.
Additionally, risk-negative headlines ahead of US President Biden’s meeting with the North Atlantic Treaty Organization (NATO) allies in Europe also challenge gold prices of late.
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Gold (XAU/USD) bulls faced rejection around $1,949 heading into Thursday’s European session, having cheered the pullback in US Treasury yields with the biggest daily jump in two weeks the previous day.
That said, the yellow metal’s pullback could be linked to the firmer US dollar and a rebound in the T-bond yields, which in turn take clues from hawkish Fedspeak and fears of an escalation in the Ukraine-Russia war.
Also underpinning the US dollar’s safe-haven demand is the covid resurgence in China and Europe, as well as market’s anxiety ahead of the US preliminary PMIs for March and Durable Goods Orders for February.
Additionally, risk-negative headlines ahead of US President Biden’s meeting with the North Atlantic Treaty Organization (NATO) allies in Europe also challenge gold prices of late.
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