Gold traded sideways along the $1,820 per ounce early on Thursday, much as it did on Wednesday, despite the dollar’s weakness. With real yields on the rise, gold does not seem equally attractive as an investment, since it doesn’t pay dividends or interest. There is also increased risk-appetite at the moment, which doesn’t favour gold, as it is considered a safe-haven asset.
If the price of gold climbs, it may find resistance at $1,831 per ounce, while if the price of gold decreases, the $$ 1,800 level may provide support for the price of gold, while further down, support may be found at 1,783 per ounce.
Traders should keep an eye on upcoming economic and inflation indicators in the US and especially on the Monthly Retail and Core Retail Sales, as well as the Preliminary UoM Consumer Sentiment data that are scheduled to be released today. Gold traders should also keep an eye on real yields, since rising real yields negatively affect the price of gold.
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