(Kitco News) Gold has a chance to break above its key resistance level of $1,750 an ounce next week. Here's what investors need to watch, according to analysts.
The yellow metal had a very decent start to the second quarter, with prices up around 1% on the week. June Comex gold futures last traded at $1,746 an ounce. Earlier in the week, the precious metal was up almost $50 since last Friday as it traded close to the $1,760 an ounce level.
After being bombarded with the Federal Reserve news coverage this week, markets seem to understand that the Fed will be waiting until next year to be proven wrong on its transitory inflation stance, OANDA senior market analyst Edward Moya told Kitco News. And this shift in sentiment could cap the rapid rise in the 10-year U.S. Treasury yields.