Gold Price Outlook – Overcome by Indecision, Range Trading to Continue

Gold (XAU/USD) Analysis, Price and Chart

The latest upbeat vaccine news from Moderna has reinforced last week’s risk-on drive, boosting riskier and weighing on safe-haven alternatives. Monday’s risk move was not as sharp as last week’s strong momentum drive but it did underpin riskier assets at current levels and should continue to do so over the short-term. This positive vaccine news is now starting to drive the growth narrative and this can be seen in the US Treasury market with bond yields edging higher despite the central bank’s ongoing bond-buying program. The Fed currently buys USD80 billion a month of US Treasuries and USD40 billion a month of mortgage-backed securities. While the Fed will be keeping an eye on US Treasury yields, the 10-year, currently offered around 0.915%, maybe allowed to drift higher to 1.00% to steepen the yield curve slightly as growth prospects increase.

The chart is now dominated […]

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