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The prevailing drawdown in the US Treasury bond yields kept the pressure on the US dollar (DXY), which extended support to the dollar-denominated commodity. The US bond yields retreated from a recent bull run overnight. Also, the Fed announced that its monetary policy will remain accommodative, which provided extra support to the non-yielding metal.
The recent Democratic win at the US Senate runoff in Georgia bolstered investors’ expectation over larger stimulus measures from the Biden administration, which triggered a selloff in the 10-year US government bond yield yesterday.
Nonetheless, these bolstering factors failed to provide meaningful gains for gold, considering the underlying risk mood across markets. The rollout of vaccines for the highly-contagious COVID-19 also helped bolster investors’ sentiment for a strong global economic recovery.
Moving on, market participants will be looking at the US economic docket today—which features the release of the latest consumer inflation figures—for clues. This data, coupled with the US bond yields, will influence the USD price dynamics today.
Gold (XAU) Value Forecast — January 13
XAU/USD Major Bias: Sideways
Supply Levels: $1860, $1880, and $1893
Demand Levels: $1850, $1838, and $1818
Gold bulls continue to put up a good fight against bears, who are relentlessly trying to take price lower. The commodity has been range-bound between the $1860 pivot point to the $1843 support.
Meanwhile, the commodity is steadily trading in an upward pattern as it aims to get back into the $1893 – $1860 pivot zone. In the meantime, the $1850 support will likely continue to bolster the commodity against any sustained decline.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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