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Gold is recovering amid falling yields on 10-year US bonds

Gold is quite actively recovering recently lost positions due to a decrease in the yield of American Treasuries.

Overnight, the 10-year bond yield hit a new 14-month high, testing the 1.754% level. After that, the yield curve turned down sharply and is now at around 1.693%. For gold, this is a positive signal, since the US dollar is also falling following the yield on government bonds.

Another factor of support for the precious metal is the situation on the stock markets. Following the American stock market, Asian indices moved into the red zone of trading on Friday. Risk appetite among European investors is also declining, while demand for gold and other defensive assets (Japanese yen, Swiss franc) is growing.

There is no important news on the economic calendar today, so the main reference point for gold will remain the situation on the debt securities market and the dynamics of the movement of the dollar index.

Unlike gold, other precious metals are currently holding in the red. Silver is trading 0.8% below Thursday's closing price, platinum is down 1% and palladium is down about 2%.

On the chart, buyers kept the price above 1722.70. This is a very positive signal. Today we are waiting for the development of an upward movement with a probable breakdown of resistance at 1753.50.

  • Resistance levels: 1753.50, 1760.00, 1810.00.
  • Support levels: 1722.70, 1700.00, 1680.00.

The main scenario is an increase to 1753.50 and a breakdown of this level.

An alternative scenario is a breakdown of the support at 1722.70 and a decline to 1700.00.

The current fundamental background is positive. We are considering longs on a pullback in the area of ​​1722.70.

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