Gold was down on Monday morning after testing a high of $ 1878. Benchmark U.S. 10-year Treasury yields also rose to their highest since May 9, denting demand for the zero-yielding yellow metal.
U.S. inflation data Friday showed that the U.S. consumer price index released Friday rose 8.6% in May year-on-year, a fresh 40-year high, adding to investors’ concerns about a recession caused by tightening by the Federal Reserve.
Right now, gold is trading at around $1865, and If it moves lower and sustains below $1855, it could test $1850, $1842, and $1835. If it moves above $1874, it can retest $1879, $1880, and $1890.Gold 4-hour chart technical analysis.