Gold Price Prediction – Prices Tumble as Yields Soar Following Vaccine Announcment

Gold Price Prediction – Prices Tumble as Yields Soar Following Vaccine Announcment

Gold prices reversed course on Monday, tumbling lower and testing support, as the dollar rose and US yields surged. The 10-year US treasury yield surged higher on Monday rising to 95-basis points, a robust 14-basis point climb. US yields rose following news that Pzifer announced that it had great success with its COVID-19 vaccine. The 90% success rate help buoy the equity markets putting upward pressure on US yields. This helped buoy the dollar paving the way for lower gold prices.

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Gold prices reversed its upward climb and tumbled on Monday. Prices sliced through support near the 50-day moving average at 1,900, which is now seen as short-term resistance. Prices appear to have bounced just ahead of support near the September lows at 1,848. Short-term momentum is negative as the fast stochastic generated a crossover sell signal. Medium-term momentum has turned neutral and is […]

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