XAUUSD: Treasury Yields and Retail Exposure Pressure

Over the past 48 hours, gold prices have weakened almost -1.7 percent. This follows a rise in longer-term US Treasury yields, especially looking at the 10- and 30-year bonds. XAU/USD often trades as the anti-fiat instrument, inversely tracking a combination of the US Dollar and Treasury yields.

Now, retail traders are seemingly back to increasing their net-long exposure in gold. This can be seen by looking at IG Client Sentiment (IGCS). IGCS tends to function as a contrarian indicator. With that in mind, is this a signal that gold may continue lower from here?

XAUUSD BUY 1934 - 1936

TP1: 1940
TP2: 1945

SL: 1930

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RUNNING . +20PIPS

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Gold edges up in Asia morning trade, reversing overnight declines in a possible technical rebound. In focus is a rise in Treasury yields and a stronger dollar following a U.S. credit downgrade from Fitch as well as better-than-expected jobs data

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Gold "often trades as the anti-fiat instrument, inversely tracking a combination of the US Dollar and Treasury yields," Daniel Dubrovsky

Giao dịch đang hoạt động:

Entry Buy

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The precious metal was under pressure as the ADP report showed that the number of jobs in the private sector increased sharply in July. Specifically, there were 324,000 jobs created last month. The data significantly beat economists' expectations that about 191,000 would be generated. Newly released numbers showing the health of the job market continue to support expectations that the US Federal Reserve (FED) will continue to raise interest rates more.

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It can be seen that the gold market is facing a kind of "headwind" as the use of resilience, a healthy labor market and strong economic activity support the positive monetary policies of the United States. feed. Even so, TD Securities, a Canadian investment bank, still finds factors supporting gold reaching record highs later this year.

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TD Securities' bullish outlook for gold comes as the Fed says its monetary policy decisions in September will depend on upcoming data. Markets expect that the US Central Bank will keep rates unchanged for the next 2 months and there is only a 60% chance of raising rates again this year.

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GOLD fly before NFP