Treasury yields pulled back as traders reacted to geopolitical developments. The yield of 2-year Treasuries declined towards the 4.05% level, while the yield of 10-year Treasuries settled near 4.47%. It should be noted that the pullback in Treasury yields was moderate as traders continue to expect that Fed will raise rates to fight inflation.
U.S. dollar is losing some ground against a broad basket of currencies as demand for safe-haven assets declined. Weaker dollar provided additional support to gold markets in today’s trading session.
Currently, gold is trying to settle above the resistance level at $4370 – $4390. In case gold manages to settle above the $4390 level, it will head towards the next resistance, which is located in the $4580 – $4600 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 $4300 level will push gold towards the next support, which is located in the $4180 – $4200 range.
Silver Tests Resistance At $71.00 – $72.00