Gold breaks the range to the upside
Just when it looked like gold had formed a double top, it’s broken out to the upside. Falling Treasury yields and the ‘buy everything’ mode in the markets at the moment have given a big lift to gold today. It’s up $27 to $1763, which is the highest since February 25.
It looked like a firm rejection of the March high last week but gold has regrouped on falling yields. Today the US 30-year is down 8 bps to 2.23% and touching the 50-dma for the first time this year.
This article was originally published by Forexlive.com. Read the original article here.