Gold Breaks Short-Term Uptrend but Long-Term Support Holds at $2,010
Gold prices declined 1.2% to $2,018 per ounce, breaking below the short-term ascending trendline from January lows but maintaining position above crucial long-term support at $2,010. The precious metal faced pressure from rising real yields as US Treasury 10-year yields climbed to 4.15%, while the Dollar Index strengthened marginally. Despite the near-term weakness, gold's secular bull case remains intact, supported by central bank buying which reached record levels of 1,037 tonnes in 2023. Silver followed gold lower, dropping 1.8% to $22.45. Technical indicators suggest oversold conditions on the daily timeframe, with RSI at 32. Immediate resistance sits at $2,035, while a break below $2,010 could accelerate declines toward $1,985. Gold futures volume increased 15% during the selloff, indicating active participation in the move lower.
Related Symbols:
XAUUSD
XAGUSD
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