Gold Price Outlook: Falling Ahead of 30-Year Treasury Auction, Resistance Reinforced

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Gold prices weakened over the past 24 hours as the anti-fiat yellow metal felt the pressure of a rising US Dollar and longer-term Treasury yields.

This could be in anticipation of similar outcomes at the 30-year government bond auction later today at 17:00 GMT.

More attention may be placed on the core reading which typically shows the underlying rate of inflation and is less volatile than its headline counterpart.

That risks denting the outlook for XAU/USD as markets continue to constantly update bets on how soon the Fed will raise rates in the medium term.

Another downside day for XAU/USD could pave the way to revisit lows from March and the 1658 – 1678 support zone.

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