Gold Price Forecast: XAU/USD under pressure amid surging bond yields 

Gold price is weaker as the new week gets underway. Surging US Treasury bond yields and the dollar on the front foot are dragging down the yellow metal, economists at Comemrzbank report.

Rising interest rate expectations weight on gold

“Gold fell sharply to start the week. We attribute this on the one hand to the US dollar, which is continuing to appreciate. And on the other hand, bond yields are climbing further.” 

“We believe the rise in yields and thus the increase in real interest rates are due to the higher interest rate expectations of market participants. The Fed Fund Futures are meanwhile pricing in rate hikes of 90 basis points at the next two meetings of the US Federal Reserve. In our view the gold price is holding its own impressively well against this backdrop.”

“ETF investors have also not allowed themselves to be deterred as yet: the gold ETFs tracked by Bloomberg registered inflows of 43 tons last week – already their tenth weekly inflow in succession. By contrast, speculative financial investors have withdrawn further from gold, according to the CFTC’s statistics: they slashed their net long positions by 9% to a six-week low in the week to 22 March.”
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📕 Gold comment on August 10, 2021

 - In yesterday's trading session, precious metal Gold had a strong decrease day, at the beginning of the session the price dropped from 1764 to 1684 and closed the day with a bearish candle around 1730.  strong and the strong support area of ​​1750-1760 has been broken, so the downward pressure will weigh on this precious metal in the next trading sessions.

 - Yesterday we were quite successful in the short strategy and in my personal opinion today we continue to maintain this view.  On the daily chart time frame, the nearest resistance to establish a short position according to me is around 1735-1740.  The safe target is the short term support around 1720-1725
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The main news last weekend

  1️⃣ The main news last weekend

 - US unemployment rate recorded 5.4% in July

 - US Treasury Secretary Yellen Will Fight Reform Plans To Weaken Cryptocurrencies

 - Biden government considers stopping funding and other measures to stimulate vaccination

 - US$1 trillion infrastructure plan passed by Senate

 - Saudi Aramco: Committed to increase crude oil production to 13 million barrels per day

 2️⃣ Notable events and data today

 - China's July CPI annual rate, the expected value is 0.8%, and the previous value is 1.1%.

 - China's annual M2 money supply ratio in July, expected value is 8.7% and previous value is 8.6%.

 - Bostic, Chairman of the FOMC and Atlanta Fed voting committees, delivered a speech in 2021.

 - 2021 The FOMC Voting Committee and Fed Chairman Richmond Barr delivered speeches.

 - Closed Market Reminder: The Japan-Tokyo Stock Exchange will be closed for one day due to a mountain holiday.

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Comment on Gold on August 9, 2021

 - In the last trading week, precious metal Gold was mostly sideways and only when the US non-farm news was published on Friday night did the price drop very sharply from 1804 to 1758 ($46) to close.  weekly session with a strong bearish candle.  The downward force shows no sign of stopping when in the early morning of this session, the price dropped further from 1764 to 1684 ($80).  With a return to the hard support around 1678-1684, the precious metal has shown signs of recovery but in my opinion this recovery is likely to fall further at least to the price zone where the metal this morning  Gold precious touches.

- On the daily chart time frame, according to my subjective opinion, precious metal Gold is likely to recover to its maximum in the early hours of this morning to around 1735-1740 and then from here it is likely to continue to decline again.  again.  The safe profit-taking target for this sell-off in my opinion will be around 1705.

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Comment on Gold on August 3, 2021

  - In yesterday's trading session, after falling to 1805 precious metals Gold bounced up around 1819, closing the day session with a bearish candle with not much downward force.  With the end of the daily candle with the bearish force starting to wane plus the price still standing above the 1810 price zone, in my personal opinion in today's session we can start waiting to buy in.  around this price.  The expected target will be around the price of 1825.

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Comment on Gold on August 2, 2021

  In the last week's trading session, precious metal Gold had bounces from 1792 to 1832, closing the week's session with a rising green candle, but in general compared to the previous 2 weeks, the momentum  The increase is not too strong and there is selling pressure when it hits the resistance level of 1832 and in my opinion, this precious metal will have another drop before rebounding.

 Moving to the shorter-term H4 time frame, we can see that this precious metal is currently hitting the short-term support around the 1812 price level and possibly recovering to the 1820-1823 level.  This is also the price range I expect Gold to recover to establish a sell-down position in today's session.  The expected target of this sale is around 1805-1808.

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Technical Analysis on Gold on May 11, 2021

 📕 Comment on Gold on May 11, 2021:

 ‼ ️In yesterday session, gold precious metal did not change too much when the price increased from 1830 to 1845 and then fell back to 1835, closing the daily candle was still with a bullish candle but the uptrend was not  still being as strong as the previous 2 candles and I still hold the same opinion as yesterday that this precious metal is facing a fairly strong resistance at the 1845-1850 price range, so in my opinion during the trading sessions.  Earlier this week, the plan would be to sell down precious metals.

 - Moving to the shorter time frame H4 we can see the possibility that this precious metal is creating a "resistance" to go down and here in my opinion we can establish a sell position with an aim of security.  is around the threshold of 1825-1815 and expected to retest this zone, the metal price has broken around the threshold of 1800-1804.


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