Gold fell 0.4% on Friday to $1777.20 and questions remain if it can break above the $1800 resistance, having tried that multiple times last week to no avail. It may take US 10Y Treasuries moving below 1.55% to push gold above $1800, in the opinion of strategists at OCBC Bank.
“Gold has tried to break the $1800 level on multiple occasions last week but have found a lack of conviction from gold bulls in doing so.”
“Both the US 10Y yield and the DXY index are at their lowest in about two months, which has, in turn, lent support to the precious metal. A break above the $1800 level, however, may probably require the 10Y yield to trade below 1.55%.”
