Bears eye the bullish trendline for a test as US Dollar firms. dropped on Wednesday, pressured for a second day below the psychological $2,000 mark in the face of a firm US dollar and US Treasury yields.
The US Dollar index was last seen up 0.27% to 102.87, making gold more expensive for international buyers while the US two-year note was last seen paying 4.165%. The 10-year note printed a high of 3.57%. price may well be near all-time highs, but the positioning set-up is inconsistent with a cycle top.´´
´´Dry-powder analysis also highlights that position sizing for gold bulls remains near average levels, and our gauge of discretionary trader positioning continues to suggest that this cohort has yet to participate in the precious metals rally.´´ cutting cycle over the next year. In turn, we expect gold to print new cycle highs over the coming months.´´Gold price is pressured on the front side of the bearish trend on the daily charts and is headed toward both horizontal and dynamic support areas.From a 4-hour perspective, the price could continue lower to support or it may well correct a little before the next decisive move lower.