WTI oil pulled back below the $85.00 level, while Brent oil settled near $87.00.
However, falling oil prices did not provide material support to gold markets.
The yield of 2-year Treasuries climbed towards the 4.08% level, while the yield of 10-year Treasuries moved towards the 4.50% level.
U.S. dollar gained ground against a broad basket of currencies, supported by rising Treasury yields.
On the support side, a move below the $4150 level will push gold towards the support level, which is located near recent lows at $4000 – $4020.
Oil prices pulled back as traders reacted to recent developments in the Middle East. WTI oil pulled back below the $85.00 level, while Brent oil settled near $87.00. However, falling oil prices did not provide material support to gold markets.
Treasury yields moved higher as bond traders focused on hawkish Fed policy outlook. The yield of 2-year Treasuries climbed towards the 4.08% level, while the yield of 10-year Treasuries moved towards the 4.50% level. Higher yields are bearish for gold that pays no interest.
U.S. dollar gained ground against a broad basket of currencies, supported by rising Treasury yields. Stronger dollar put some pressure on gold markets today.
Gold continues its attempts to settle above the resistance level at $4180 – $4200. in case gold manages to settle above the $4200 level, it will head towards the next resistance, which is located in the $4370 – $7390 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.
On the support side, a move below the $4150 level will push gold towards the support level, which is located near recent lows at $4000 – $4020.
Silver Tests The $67.50 Level
