Rising US yields have exacerbated gold’s decline, with downward pressure having gold testing key Fibonacci markers at 1,726 and 1,689. The 19.2% decline from August 2020’s 2075 peak places the yellow metal at oversold levels, with XAU/USD driven towards a test of a 1,660-1,670 support confluence zone, Benjamin Wong, Strategist at DBS Bank, reports. See – Gold Price Analysis: Weaker USD and range-bound real yields to underpin XAU/USD – Standard Chartered Key quotes “Gold ETF demand sprouted from September 2019 onwards, and back-testing that against an average line costing, such holdings are average costed around 1680 (hence the significance of the 1,660-1,670 confluence zone).” “Both gold longs either on ETFs or futures positioning are reducing longs – hence, unless gold secures a sustained return over 1,760-1,765 (the May highs and a prior 50% Fibonacci marker) and the 200-day moving average at 1,859, the risks would be both ways until the bull reasserts its presence.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD recovers early lost ground, moves back above 0.7700 mark FX Street 1 year Rising US yields have exacerbated gold's decline, with downward pressure having gold testing key Fibonacci markers at 1,726 and 1,689. The 19.2% decline from August 2020's 2075 peak places the yellow metal at oversold levels, with XAU/USD driven towards a test of a 1,660-1,670 support confluence zone, Benjamin Wong, Strategist at DBS Bank, reports. See - Gold Price Analysis: Weaker USD and range-bound real yields to underpin XAU/USD - Standard Chartered Key quotes "Gold ETF demand sprouted from September 2019 onwards, and back-testing that against an average line costing, such holdings are average costed around 1680 (hence the significance… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
