Commodities
Gold Prices Stuck in Downtrend as Rates Keep Pressure On
Gold prices settled slightly higher on Friday despite being rejected by key technical levels. Spot gold reached $4,317.56 and $4,319.61, but these levels proved too high for buyers to overcome.
The main trend is down according to the daily swing chart, which could shift if gold trades above $4,399.67 or falls below $4,235.17.
Gold has been testing a crucial support zone at $4,230.51 since September 2, with prices finding some support at this level on Friday.
The interest rate environment remains a major challenge for gold, with the 10-year Treasury yield nearing 5.16% and October hike odds standing at 66% and December at 93%. This has kept the metal under pressure all week.