Gold Price (XAU/USD) manages to hold ground near the lowest level in five months, recently picking up bids to around $1,895 amid the early hours of Tu
The XAU/USD pair benefits from the US Dollar’s pullback and China headlines, as well as the market’s positioning for this week’s top-tier central bankers’ speeches at the Jackson Hole Symposium. The metal’s latest bearish consolidation, however, pays little heed to the multi-year high United States Treasury bond yields and the mixed sentiment in the market, which in turn raises doubts about the Gold Price recovery.
Apart from the US Dollar, firmer prints of the United States Treasury bond yields also underpin the hawkish bias about the Fed and challenge the Gold buyers. That said, the US 10-year Treasury bond yields rose to the highest level since 2007, to around 4.354% before ending Monday’s trading day near 4.34%.A slew of China measures to restore the Gold buyer’s confidence struggled to gain acceptance, which in turn challenged the Gold buyers.
It’s worth noting that the news of the nation’s key real estate company and a shadow trust bank struggling to pay their bond commitments triggered the fears of China debt markets and drowned the XAU/USD previously. Gold Price teases buyers via a three-week-old falling wedge bullish chart formation. Adding strength to the upside bias is the nearly oversold conditions of the Relative Strength Index line, placed at 14, as well as the recent bullish signals from the Moving Average Convergence and Divergence indicator.
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