Gold Price Forecast: XAU/USD drops towards $1,793 support confluence as US Dollar follows firmer yields Gold XAUUSD YieldCurve Fed Commodities
Gold price takes offers to renew intraday low, fades late Friday’s corrective bounce off two-month low.
The DXY’s rebound from the intraday low could be traced to the firmer US Treasury bond yields as the US 10-year Treasury yields reverse the early-day losses of around 3.95%. Further, the two-year counterparts jump back towards the highest levels since November 2022, marked the previous day, as bond bears poke the 4.83% level by the press time.
It’s worth noting, however, that the S&P 500 Futures lick its wounds with mild gains after the Wall Street benchmark posted the biggest weekly slump of 2023. That said, a convergence of the 100-DMA and the stated channel’s lower line, close to $1,793, appears short-term key support to watch for the Gold bears.
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