[ad_1]
Ten-year Treasury yields climbed, testing resistance at 4.5% as inflation concerns grew after the US employment data for January. Rising average hourly earnings and increasing consumer inflation expectations suggest the Fed will maintain its current stance. The market is waiting for the inflation data to be released today, setting the next tone for the US dollar index and gold market.
Gold (XAU) Technical Analysis
Gold Daily Chart – Bearish Hammer at $2,942
The daily gold chart shows that the price has reached the target zone of the ascending channel between $2,900 and $3,000, forming a bearish hammer. This pattern suggests that a short-term top may be forming around these levels. Since the RSI is currently in overbought territory, a short-term pullback is likely.
A price correction from these levels could present a buying opportunity for gold investors. However, economic uncertainties stemming from President Trump’s tariffs add to market volatility. Additionally, releasing inflation figures on Wednesday may further drive gold’s rally. A break above $3,000 would open the door for a move toward $3,200.
[ad_2]
