goldprice is heading towards buying - XAUUSD gold
, expecting the event to provide guidance on monetary policy.
The price of gold tried to recover but its gains stopped towards the resistance level of $1765 per ounce before collapsing towards the support level of $1734 per ounce following Jerome Powell's statements. A report indicated that consumer demand in the United States is diminishing, which may affect the economy in general as the fourth quarter approaches.
U.S. Treasury yields turned amid a mixed performance, with the benchmark 10-year yield rising 2.1 basis points to 3.045%. And one-year bond yields fell 0.1 basis point to 3.362%, while the 30-year bond yield rose 2.1 basis points to 3.255%. And a rising rates environment is usually bearish for gold because it raises the opportunity cost of owning commodity, as it doesn't yield a return.
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