Gold price (XAU/USD) struggles for clear directions around $1,980, following a pullback from the yearly high above $2,000, as markets slip into the cautious mode ahead of the key data/events. Also challenging the Gold traders could be the recent rebound in the United States Treasury bond yields and the hawkish Federal Reserve (Fed) bets.
Gold price cheers technical breakout, banking turmoil
Gold price marked a sustained break of a downward-sloping resistance line from August 2020, now support around $1,940, in the last week, which in turn joins the traders’ rush for risk-safety to keep the traditional safe haven on the bull’s radar despite the latest pullback.
It should be noted that the the UBS-Credit Suisse deal and the global central banks’ efforts to tame liquidity crunch seemed to have tamed the market’s pessimism and allowed the Gold buyers to take a breather. However, the details suggest no relief from the banking fallout and put a floor under the XAU/USD price.
During late Monday, analysts at S&P think that it is unlikely that some US bank failures will prevent policymakers from sticking to the task of taming inflation, reported Reuters early Tuesday in Asia. The global rating agency also mentioned that the decision to write off Credit Suisse's AT1 bonds may contribute to a higher cost of capital for banks. On the same line were comments from a Senior Swiss lawmaker who warned on Monday that “the UBS-Credit Suisse merger is an enormous risk.”
While portraying the mood, Wall Street closed with gains but S&P 500 Futures struggle for clear directions.
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