GOLD: Intraday Analysis & Update short-term Setup

Gold prices slipped on Monday after a slight uptick in U.S. bond yields and ahead of a speech by Federal Reserve Chair Jerome Powell later this week for more clarity on the interest rate outlook.

“The major factor that will influence gold in the near-term will be the U.S. 10-year Treasury yields… if you start to see resurgence in yields, gold could break below the key support level around $1,974,” said Kelvin Wong, senior market analyst for Asia Pacific at OANDA.

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