Commodities
Gold Bounces Back to $4,400 as Buyers Step In
Gold has staged a decent recovery over the past two days, closing in on $4,400 after a volatile week following the Fed's decision.
The price movement can be attributed to a calmer market backdrop, with oil prices easing and 10-year Treasury yields slipping below 5%, reducing pressure on gold.
A technical perspective reveals that buyers managed to step in and prevent a deeper breakdown, saving the neckline support around $4,290-$4,310 and pushing price above key moving averages.
The hourly chart shows gold reclaiming territory above near-term moving averages, with another run at the $4,400 region on the cards. However, this will be tested first, followed by a sterner technical test at the 200-day moving average around $4,541.