Gold Technical: Stagflation Risk and Softer US 10-year Treasury Real Yield Supporting Bulls

Recovery leg from $1984 (9-week low of Feb 14) extends into third straight day after short-lived probe below psychological $2000 level was contained by 100DMA and Morning Doji Star reversal pattern formed on daily chart. Although the metal’s price gained pace and established above $2000, caution is still required as 14-d momentum is still in […]

The ISM Services index tumbled to 48.8 in June from 53.8 in May, well short of the 52.7 consensus expectation. Only eight of 18 industries reported growth for the month – down from 13 in May. The business activity sub-index and new orders signaled shrinking activity, falling 11.6 and 6.8 percentage points, respectively, to 49.6 […]

Key Highlights Gold prices dropped toward the $1,970 support before the bulls appeared. A key bearish trend line is forming with resistance near $2,036 on the 4-hour chart. Crude oil prices started a recovery wave above the $71.20 resistance. AUD/USD rallied and cleared the 0.6700 resistance zone. Gold Price Technical Analysis Gold failed to continue […]