Gold Price Prediction – Prices Rebound Near Support but Yields Continue to Rise

Gold Price Prediction – Prices Rebound Near Support but Yields Continue to Rise

Gold prices rebounded from support levels after getting hammered on Monday. The 10-year US treasury yield continued to rise increasing by 2-basis points after surging on Monday. US yields rose following news that Pzifer announced that it had great success with its COVID-19 vaccine. The dollar edged lower, paving the way for higher gold prices. Job openings in the US were little changed in September according to the Labor Department.

Trade gold with FXTM Technical analysis

Gold prices rebounded near support levels which coincides with the September lows at 1,848. Resistance is seen near the 10-day moving average at 1,897 and then the 50-day moving average at 1,909. Short-term momentum is negative as the fast stochastic generated a crossover sell signal. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. JOLTS Was Little Changed

The number of job openings was little […]

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