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U.S. Treasury yields were mostly flat on Wednesday, following stronger-than-expected retail sales data, with the 10-year yield up slightly to 4.341%. However, recent downward pressure on yields, following a sharp selloff last week, reflects growing investor concerns. Speculation persists that China—holding $760 billion in Treasurys—may be quietly offloading U.S. debt. This adds to the case for gold, as investors hedge against potential instability in the bond market.
Retail Data Resilient but Overshadowed by Trade Risks
Despite upbeat March retail sales figures, which showed a 1.4% rise versus the 1.2% forecast, the trade war narrative continues to dominate sentiment. Ongoing tariff talks, including scheduled discussions between the U.S. and Japan, keep geopolitical risks front and center for traders.
Market Forecast: Bullish Gold Outlook Holds Above $3,137
The bullish momentum in gold remains intact as long as prices stay above the new pivot at $3,137.91. Strong buyer interest and safe-haven demand suggest any correction may be shallow.
With the metal now trading above key psychological levels, traders are eyeing potential targets at $3,400 and $3,500. Barring a resolution in trade tensions or a dramatic reversal in the dollar, gold prices are expected to maintain an upward bias.
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