Confirming the growth of gold with falling bond yields!

According to the previous analysis, the scenario of continued upward movement was realized. With the continued support of the market in the range of 1637-1640 dollars, the growth of gold started again towards the set target of 1673 dollars.

The precious metal is expected to remain in a bull market as investors await the release of US gross domestic product (GDP) data due tomorrow.

The risk profile showed mixed reactions as S&P500 futures struggled to recover after a sharp drop in Tokyo. Meanwhile, the US Dollar Index (DXY) failed to hold above the 111.00 round-level resistance, indicating that safe-haven appeal is waning.

For the American economy, releasing the US GDP data on Thursday is expected to bring pure fluctuations in the price of gold. Based on preliminary estimates, the US growth rate for the third quarter of 2022 is 2.4 percent, versus a negative 0.6 percent previously reported.

The 10-year US Treasury yield has fallen below 4.10%, and the current bearish move could add further pressure going forward.

The upward movement of gold intensified when the yield rate of bonds, which reached the level of 4.3%, returned to the level of 4%.

While it is expected to reach the level of 3.90%.

Technical analysis:

In the one-hour time frame, the target set at the beginning of the week at $1670 is being conquered.

In the daily time frame, using the Elliott wave theory, the momentum of buyers is still increasing, which can provide the expectation for further growth.

Further, in the one-hour time frame, the sign of continued growth up to the following range of $1684-1687, the price close is above the range of $1673-1675.

If you want access to the best analysis and receive the best crypto signals, join MonoCoin Signal. You can access futures signals, spot signals, and forex signals. Visit www.monocoin.net and get a subscription today. MonoCoin Signal sends trading signals every day.