Gold Price Chart Hints during Bottoming After US 10-Year Bond Auction

GOLD CRUDE OIL TALKING POINTS:

  • Gold prices arise as US bond yields, Dollar tumble after record debt sale
  • Crude oil prices drop, talked down by officials from China and Iran
  • Chart setups spirit bullion might be set to miscarry as wanton oil suffers losses

Gold prices rose yesterday as a US Dollar retreated alongside Treasury bond yields after attack a 13-month high intraday. That helped a yellow steel precedence a interest as an anti-fiat and non-interest temperament alternative. The pierce came after direct hold impressively solid notwithstanding a record-setting charity of $26 billion in 10-year notes.

The bid-to-cover ratio purebred during 2.55, usually a hair reduce than a 2.57 reading available during a before sale of allied paper. Investors seemed to appreciate a outcome to meant that a approaching inundate of new distribution indispensable to financial a widening bill necessity will find healthy take-up. That sent US debt prices higher, pleat baseline borrowing costs.

IRAN, CHINA OFFICIALS TALK DOWN CRUDE OIL PRICES

Crude oil prices fell, pang a largest dump in a month. The pierce came as Iran’s unfamiliar apportion pronounced some European nations are lobbying for noncompliance with re-imposed US sanctions while Chinese President Xi Jinping urged state-owned appetite companies to boost output. Beijing also opted to leave wanton off a list of US fuel imports (such as gasoline and propane) to be strike with retaliatory tariffs.

Learn what other traders’ bullion buy/sell decisions contend about a cost trend!

GOLD TECHNICAL ANALYSIS

Gold prices edged above trend line insurgency set from mid-June, hinting an upswing might be in a works. The coming of a bullish Morning Star candlestick settlement and certain RSI dissimilarity strengthen a box for a rebound. A mangle above operation building support-turned-resistance during 1221.25 opens a doorway for a exam of a 1236.6-40.86 area. Immediate support is during 1204.59, a Aug 3 low.

Gold Price Chart Hints during Bottoming After US 10-Year Bond Auction

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices seem to have narrowly damaged trend support set from early February, exposing a subsequent downside separator in a 63.96-64.26 area. A serve pull next that targets 61.84. Near-term insurgency is during 70.41, followed by a teenager turn during 72.88 along a approach to a 75.00-77.31 zone.

Gold Price Chart Hints during Bottoming After US 10-Year Bond Auction

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— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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