The bulls are back as gold prices look to end the week around $1,850, even as bond yields rise
Ole Hansen, head of commodity strategy at Saxo Bank, said that gold is not only seeing new momentum, but it comes as U.S. bond yields continue to increase. This week the yield on U.S. 10-year notes pushed above 4%, hitting its highest level since November. At the same time, U.S. two-year yields are inching close to 5%.
Hansen noted that gold's bullish move had pushed prices back above their 21-day moving average. While Hansen said prices can increase, he still sees gold stuck in a broader consolidation pattern. Meanwhile, 495 votes were cast in online polls. Of these, 254 respondents, or 51%, looked for gold to rise next week. Another 145, or 29%, said it would be lower, while 96 voters, or 19%, were neutral in the near term.Main Street Bullish Bearish Neutral Sentiment on Main Street has shifted significantly from last week as retail investors were leaning towards the bearish end of the market, looking for prices to fall to $1,800 an ounce.
Michael Moor, founder of MoorAnalytics.com, said that this past week gold prices hit an exhaustion level on the downside at $1,810 an ounce. He added that if prices can stay above $1,838, gold can see a continued bullish reversal pattern for days.
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