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GOLD overview 07.07.2021

Gold rises on falling bond yields.

Gold continues to rise for the 6th day, driven up by the drop in U.S. Treasury yields ahead of minutes from the Federal Reserve’s earlier meeting that could provide more clues on the policy stance. With the key driver for gold being the decline in U.S. Treasury yields the precious metal is behaving as expected, rising in response to benchmark 10-year Treasury yields hitting their lowest in more than four months. Focus now is on minutes from the Fed’s latest meeting, due at 1800 GMT today, which could have a major say on whether spot gold can stay above the $1,800 level. Fresh hawkish cues could be very bearish signal for gold.

Expect buyers on downward corrections.

Next resistance to watch – 1815.00

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