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Gold price (XAU/USD) extends its rally for the fifth straight day, approaching its December 2023 all-time high near $2,145 as falling US Treasury yields fuel further gains. The 10-year Treasury yield has slumped to 4.15%.

Growing expectations of a June Fed rate cut support Gold’s bullish momentum, but the near-term outlook remains uncertain as traders await critical events: Fed Chair Jerome Powell’s testimony before Congress on Wednesday and key US labor market data, including JOLTS Job Openings and ADP Employment Change Wednesday, followed by Friday’s Nonfarm Payrolls (NFP) report.

Powell’s commentary could significantly impact sentiment. A hawkish stance on rates could pressure Gold by increasing the opportunity cost of holding the non-yielding asset. Conversely, signs of softening inflation and labor market data could further fuel rate cut expectations and drive Gold higher.

Technically, Gold’s recent breakout from a Symmetrical Triangle pattern signals potential upside toward the December high at $2,144.48. The Relative Strength Index (RSI) above 60.00 reinforces bullish momentum but is approaching overbought territory, suggesting a potential pullback.

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