Gold Price Holds the High Ground as Treasury Yields Retreat. Where to for XAU/USD?
Gold broke higher, racing above US$ 2,000 an ounce with risk sentiment sinking which saw Treasuries go higher on lower yields. Gold remains within an ascending trend channel and has been caught in a relatively narrow range of 1969 – 2049 for five weeks. Looking at any combination of 10-, 34-, 55-, 100- and 200-day SMAs, the criteria for a TMA have been met. On the downside, the 1885 – 1895 area appears to be a key support zone. Within it lies the 100-day SMA, a previous low, a breakpoint and an ascending trend line.
