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home / news releases / GLDI - Gold Technical: The Recent Sell-Off May Have Reached A Potential Bullish Reversal Level At US$2353

GLDI - Gold Technical: The Recent Sell-Off May Have Reached A Potential Bullish Reversal Level At US$2353

Credit Suisse X-Links Gold Shares Covered Call ETN

2024-07-28 00:30:00 ET

Summary

  • The recent weakness seen in Gold is likely to be driven by US politics as the 'Gold premium' has moved in synch with the betting odds of Republican nominee Trump winning the US Presidential Election.
  • The US Treasury market is likely to take a driver’s seat now as the focus returns to the monetary policy guidance from the outcome of the US Fed FOMC meeting next Wednesday, 31 July.
  • The 10-year US Treasury real yield has staged a bearish reaction below its 2.00%/2.07% key intermediate resistance that may support higher Gold (XAU/USD) prices.

By Kelvin Wong

This is a follow-up analysis of our prior report " Gold Technical : A further drift down in the 10-year UST real yield supports a bullish narrative in Gold" published on 9 July 2024....

For further details see:

Gold Technical: The Recent Sell-Off May Have Reached A Potential Bullish Reversal Level At US$2,353

Stock Information
Company Name: Credit Suisse X-Links Gold Shares Covered Call ETN
Stock Symbol: GLDI
Market: NASDAQ
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