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Treasury yields have risen to a 14-month high, enhancing the U.S. dollar, which in turn has actually put down stress on gold.
Jim Wyckoff, elderly market analyst for Kitco News, claimed that the temporary technical indications for gold have actually degraded.
" We struck a new 3-week reduced today [Tuesday] in the gold market. We've obtained some really strong chart assistance at the March low of $1,673 as well as modification. If we go down listed below that level, you open up a door to a network to $1,600. Gold needs to highly protect that March reduced as well as if it can't, there's mosting likely to be extra considerably more drawback likely," he claimed.
0:00 – USD and small yields
1:32 – Gold's technicals
3:57 – Downside assistance level
5:45 – Silver
6:16 – Crude oil
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Gold price outlook now ‘even worse’ from stronger USD and higher yields - Jim Wyckoff
Treasury yields have risen to a 14-month high, boosting the U.S. dollar, which in turn has put downward pressure on gold.
Jim Wyckoff, senior market analyst for Kitco News, said that the short-term technical indicators for gold have deteriorated.
“We hit a new 3-week low today [Tuesday] in the gold market. We’ve got some very strong chart support at the March low of $1,673 and change. If we drop below that level, you open a door to a channel to $1,600. Gold needs to strongly defend that March low and if it can’t, there’s going to be more significantly more downside likely,” he said.
0:00 - USD and nominal yields
1:32 - Gold's technicals
3:57 - Downside support level
5:45 - Silver
6:16 - Crude oil
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
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