Gold holding ground after sliding from 1,360 as Inflation and bond yields continue to challenge risk appetite. What else is revealed in this 26 February Gold Price Technical Forecast?
26 February, GKFX – Gold is trading just beneath the 1,330.00 region to kick off the new week following a muted Friday session. Gold is still testing near the bottom of a recent pullback as the precious metal swings with market sentiment amidst buyers and sellers taking turns, risk appetite swinging back-and-forth across the board.
Inflation, bond yields continue to challenge risk appetite
Gold has been unable to capture the 1,360.00 region, with yields on US Treasuries climbing to multi-year highs and the US Dollar regaining some buying confidence after declining steadily for an extended period; yields managed to recede slightly last week as traders come to grips with rising inflation, and Gold was able to catch a break and halt the decline near 1,321.00.
26 February Gold Price Technical Forecast
The precious metal has been gearing up for a run at the 1,400.00 handle for some time, after losing the key handle in 2013. Gold has been pushing its way back up amidst heavy resistance since late 2015, pushing off from a multi-year low just beneath 1,050.00.
The current challenge for Gold buyers will be to break and hold the 1,360.00 level, but downside pressure remains strong as uneven growth within major market economies threatens lopsided inflation challenges. Support and resistance for the precious metal rest at 1,325.00 and 1,336.00 respectively, with 1,320.60 and 1,346.10 acting as outside barriers.
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