Gold Soars Over 2% as Treasury Yields Plummet

The price of gold surged by over 2% after the U.S. Treasury announced its plan to double the size of its long-term government bond buybacks.

This move led to a decline in Treasury yields and a weakening of the U.S. dollar, making gold more attractive to investors.

Gold prices have been elevated in recent weeks, with the current price standing at $4,620.65 per ounce.

The technical indicators are skewed towards overbought territory, but the bullish momentum remains strong, with a projected five-day range of $4,500 to $4,719 and key resistance at $4,719.