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Gold pulls back below $4,100 as higher US yields weigh on XAU/USD
XAU/USD was last around $4,087.6 after a rejection near $4,165, with the article citing fresh highs in US Treasury yields tied to inflation concerns.
Gold prices fell on Thursday, with XAU/USD slipping below the $4,100 level after snapping a four-day rally, according to FXStreet.
The move followed a rejection around $4,165 on Wednesday, as oil strength, with Brent above $90.00, revived concerns about higher inflation and sent US Treasury yields to fresh highs, which the outlet said is a headwind for precious metals.
FXStreet also highlighted expectations that Middle East, war-driven oil price increases could raise the probability of a Fed rate hike, reducing the case for adding new long exposure to gold in the near term.
On the technical side, the piece pointed to support below $4,100 at roughly $4,005 and then toward year-to-date lows near $3,940, while it flagged resistance around $4,200 and $4,385 for a potential deeper recovery.
Latest closeGold $4,430.80 ▲1.6%|Brent $89.26 ▲1.8%