Gold prices have consolidated within a narrowing formation. Influenced more recently by US yields and the dollar, safe haven appeal appears to have waned
Gold entered into a narrowing pattern at the end of last year , seeing gold price rallies and selloffs relatively more contained.rose at the end of 2023 but since then, have entered into more of a consolidatory phase, with prices broadly being contained between $2050 and $2010.
The safe haven demand for gold has waned as markets appear to have become desensitised to geopolitical tensions and conflicts currently ongoing. Gold has therefore, taken its cue from dollar and treasury markets. The blue line depicts the US 2-year Treasury yield which exhibits an inverse relationship with gold prices and the recent lift in yields may see a marginally lower close this week.
In addition, silver prices have shown little regard for the significant level of $22.35 which previously kept bears at bay, supporting prices and providing a pivot point on more than one occasion. The level pertains to the 38.2% Fibonacci retracement of the major 2021 to 2022 decline. The Fib level does present us with a potential support level in the short-term, with the swing low at $21.33 thereafter.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: US Inflation Data to Guide Trend; XAU/USD Levels AheadThis article focuses on gold’s fundamental and technical outlook, pinpointing significant catalysts for volatility and essential price thresholds that could act as support or resistance in the coming days.
Read more »
Anna 'Chickadee' Cardwell's Husband 'Teared Up Like a Baby' Watching Their Wedding Back (Exclusive)Anna 'Chickadee' Cardwell's husband Eldridge Toney exclusively tells PEOPLE of his struggles watching his wedding to the late reality star on Friday's episode of 'Mama June: Family Crisis.
Read more »
Olympic Gold Medalist Gabby Douglas Returning To Competitive GymnasticsAntonio Pequeño IV is a breaking news reporter based in Los Angeles. Prior to joining Forbes, Antonio was a reporter with the San Fernando Valley Business Journal and Los Angeles Business Journal covering the local finance and biotech sectors. He is a graduate of CSU San Marcos and the University of Southern California. Tips: apequenoforbes.
Read more »
Gold IRA Investing Companies February 2024To help you find the right precious metals IRA, we’ve reviewed the best gold IRA companies in the industry. Here is the list of the top 5 gold IRA companies in the USA.
Read more »
Gun found in Cumberland Valley SD student's backpack, days after threat reportedSchool officials with the Cumberland Valley School District confirm a gun was found in a middle school student's backpack today.Authorities with the Silver Spri
Read more »
Whales and butterflies are the real celebrities in Santa BarbaraThis upscale beach town on California’s central coast is full of famous residents—but it's also one of the world’s best places for wildlife watching.
Read more »