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Gold prices recovered above $2,730 an ounce on Thursday in a technical rebound, after falling more than 1% the day on a stronger dollar and rising Treasury yields. The retreat in gold prices reflects the strength of the US dollar and the rise in Treasury yields as expectations of a more cautious monetary easing by the Federal Reserve rise.
Despite this, gold’s uptrend remains supported by safe-haven demand, mainly due to ongoing geopolitical tensions in the Middle East. Investors are concerned that the situation could escalate into a larger conflict as the parties to the conflict continue to engage in fierce firefighting. In addition, uncertainty surrounding the upcoming United States presidential election and monetary easing expectations from major central banks around the world further supported gold prices.
The technical rally suggests that gold bulls remain strong, especially in a safe-haven market. With the situation in the Middle East evolving further, and the uncertainty of the Fed’s policy outlook, gold is expected to continue to be supported and test higher resistance levels in the near term. Investors will be keeping an eye on upcoming economic data and central bank officials’ speeches for more clues on monetary policy.
The upper first-line resistance is $2,740, and the upper second-line resistance is $2,758, The first line of support below is $2,714, and the second line of support below is $2,685.
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