Commodities Analysis by Investing.com (Barani Krishnan) covering: XAU/USD, Gold Futures, SPDR® Gold Shares, ProShares UltraShort Gold. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
longs are having their best year since the pandemic. In seven of the past 10 months, futures of the yellow metal have peaked above the cherished $2,000-an-ounce mark. Even theof bullion, which holds itself to a more rigorous standard, has attained $2,000 glory four times, last in October, after an earlier three-month run between March and May.
Notwithstanding that, the landscape for all asset valuations is deteriorating as the sell-off in Treasuries weighs across asset classes and increases borrowing costs for companies and consumers alike. What’s more, investors should be prepared for Treasury yields to reach 7% if the US economy skirts a widely anticipated recession that Europe might not, Ned Davis Research warned in a note carried by Reuters on Tuesday.All these suggest volatile moves across markets that may cause gold to give up its $1,900 anchor and return to the more manageable $1,800 levels. This means it could end the year closer to flat rather than the near 9% annual gain it shows now.
If the 50-EMA support of $1,977 is defeated, the decline could extend to $1,967 — a level which corresponds to the 23.6% Fibonacci retracement of the major previous wave in spot gold that took it from $1,810-$2,010. “If buyers join in, the recovery may extend to the next resistance where the Middle Bollinger Band of $1,992 could be a turning point.
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