Gold prices have consolidated within a narrowing formation. Influenced more recently by US yields and the dollar, safe haven appeal appears to have waned
Gold entered into a narrowing pattern at the end of last year , seeing gold price rallies and selloffs relatively more contained.rose at the end of 2023 but since then, have entered into more of a consolidatory phase, with prices broadly being contained between $2050 and $2010.
The safe haven demand for gold has waned as markets appear to have become desensitised to geopolitical tensions and conflicts currently ongoing. Gold has therefore, taken its cue from dollar and treasury markets. The blue line depicts the US 2-year Treasury yield which exhibits an inverse relationship with gold prices and the recent lift in yields may see a marginally lower close this week.
In addition, silver prices have shown little regard for the significant level of $22.35 which previously kept bears at bay, supporting prices and providing a pivot point on more than one occasion. The level pertains to the 38.2% Fibonacci retracement of the major 2021 to 2022 decline. The Fib level does present us with a potential support level in the short-term, with the swing low at $21.33 thereafter.
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