Gold lost its traction and declined toward $2,160 in the early American session on Thursday. The benchmark 10-year US Treasury bond yield is up more than 0.5% on the day above 4.2% after producer inflation and Retail Sales data from the US, weighing on XAU/USD
From a technical perspective, any subsequent move up is more likely to confront some resistance near the $2,195 region, or the record peak touched last Friday. Some follow-through buying beyond the $2,200 mark will push the Gold price to uncharted territory and be seen as a fresh trigger for bulls, setting the stage for an extension of the recent blowout rally witnessed over the past two weeks or so.
On the flip side, the $2,155-2,150 area now seems to protect the immediate downside, below which the Gold price could slide to the next relevant support near the $2,128-2,127 zone. The corrective decline could extend further towards the $2,100 round figure, which should act as a strong base for the XAU/USD. A convincing break below might prompt some technical selling and pave the way for deeper losses.
GOLD NOW BUY 2163
TP1 2167
TP2 2171
TP3 2195
SL2150
From a technical perspective, any subsequent move up is more likely to confront some resistance near the $2,195 region, or the record peak touched last Friday. Some follow-through buying beyond the $2,200 mark will push the Gold price to uncharted territory and be seen as a fresh trigger for bulls, setting the stage for an extension of the recent blowout rally witnessed over the past two weeks or so.
On the flip side, the $2,155-2,150 area now seems to protect the immediate downside, below which the Gold price could slide to the next relevant support near the $2,128-2,127 zone. The corrective decline could extend further towards the $2,100 round figure, which should act as a strong base for the XAU/USD. A convincing break below might prompt some technical selling and pave the way for deeper losses.
GOLD NOW BUY 2163
TP1 2167
TP2 2171
TP3 2195
SL2150