Gold prices snap losing streak as bond yields fall in risk-off trade. Gold prices edged up as sentiment soured in Wall Street trade, sending capital fleeting for the safety of Treasury bonds and weighing on yields.
That offered a familiar lift to non-interest-bearing assets epitomized by the yellow metal. Crude oil prices fell in with the same dynamic as the WTI benchmark tracked the bellwether S&P 500 stock index downward.
Hopes for cooling tensions with Iran also hurt energy prices. French President Emmanuel Macron voiced support for negotiating a new nuclear disarmament deal with Tehran in the joint presser with US President Donald Trump. The latter has voiced sharp criticism of the accord signed by the Obama administration. Mr. Macron seemed to be signaling Europe’s willingness to be flexible to keep the US on board.
GOLD TECHNICAL ANALYSIS
Gold prices corrected higher after three days of losses but stopped conspicuously short of breaking back above support-turned-resistance 1333.42, the April 13 low. That paints the advance as corrective within the context of a broader down move, at least for now. A daily close above the barrier exposes the underside of a recently broken rising trend line at 1343.68. Alternatively, a daily push below swing low support at 1321.37 paves the way for a test the range floor at 1307.63.