XAUUSD PULLBACK BEFORE THE BIG SHORT

13 ביוני 2023

The price of gold has experienced a reversal, dropping below $1,950 after briefly surpassing $1,970 earlier in the day. This decline can be attributed to the benchmark 10-year US Treasury bond yield, which is currently rising and approaching 3.8%. The increase in bond yield comes as a result of the recent drop in US CPI data, which has had a negative impact on the XAU/USD (gold/US dollar) pairing.
The price of gold took a downward turn, slipping below the $1,950 mark after briefly surpassing $1,970 earlier in the day. This reversal was driven by the sharp rise in the benchmark 10-year US Treasury bond yield, which is now approaching 3.8%. The surge in bond yield was triggered by the weaker-than-expected US CPI data, putting pressure on the XAU/USD (gold/US dollar) pair.

Nicola, CEO of Forex48 Trading Academy