XAUUSD Chart Technical Outlook Gold set to extend falls below double bottom at $2,489 as US yields rise
XAU/USD bulls have failed to mount an attack on the 4h-50 SMA, and the precious metal took another dip to $2,489, turning it into a double bottom. It is followed by $2,484, then $2,471. Resistance is at $2,507, which is the recent high, and where the 4h-50 SMA hits the price. The peak of $2,531 looms above.
Fundamentally, the recent rise in US Treasury yields has weighed on Gold, which has no yield. Returns on American debt rose from their lows as investors have become somewhat more bullish on the US economy following last week’s data.
