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Gold Price Analysis: Sideway trend to continue a while longer – OCBC

February 2, 2021 by admin 0 Comments

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Gold (XAU/USD) continues to trade sideways as the yellow metal mostly moved in a very tight range in January, hovering from $1825 to $1875. Howie Lee, Economist at OCBC Bank, expects gold to go on trending sideways.

Key quotes

“Gold bears are quick to pounce once levels exceed $1850 and the bulls look unconvinced as well, relinquishing their positions quickly.”

“The rising Treasury yields continue to make a bull run in the gold market challenging. A widening spread between breakevens and nominal yields would be needed to give the bullish gold story legs to run higher. Until then, the precious metal may continue trending sideways.”

This article was originally published by Fxstreet.com. Read the original article here.