Gold weakens near key support as selling pressure builds, with a breakdown below critical levels signaling potential for a deeper correction toward lower technical targets.
United States CFTC Gold NC Net Positions: $159.9K vs previous $163.1K
Gold slips near $4,500 as Oil rally and US yields weigh on bullion
Silver markets are down by 4% as traders focus on rising Treasury yields.
Gold had a rough week as rising U.S. yields were a problem, while the war, despite the fact that it is continuing, hasn't expanded as far as people may have feared.
The probability of most major central banks hiking this year has increased sharply amid inflationary pressure from the Gulf conflict.
The conflict in Iran adds a layer of complexity, but the broader outlook for metals and mining stocks remains constructive.
Gold continues to see a bit of noise on Friday, as traders continue to see a lot of noise around the world, be it geopolitical and interest rate driven.
Gold: Near-term pressure versus structural support – OCBC
Gold remains under pressure as global interest rate outlook weighs on demand
Gold was hit hard on Thursday as rising US yields pressured prices, with $4,600 now the key level to watch for either a rebound or deeper breakdown.
Gold (XAUUSD) continues to trade lower as the bearish sequence remains active. The decline from the recent peak is unfolding in a clear impulsive structure, which shows sellers still control the trend.