Gold – Buoyed by US JOLTS data as yields and the dollar slide

  • Gold buoyed by JOLTS data
  • US 2-year yield slipped below 5%
  • Could $1,950 be a major level of resistance?

Gold made decent gains on Tuesday, buoyed by a softer dollar and lower yields on the back of the US JOLTs data.

The US 2-year yield slipped back below 5%, while the greenback has come off its highs to trade down on the day.

The summer narrative of higher yields for longer that has lifted the dollar and longer-term yields at the expense of the yellow metal could be put to the test this week with GDP, inflation, jobs, and PMI releases all still to come.

It’s started well for gold but it may still have a mountain to climb after coming under significant pressure since late July.

Still a long way to go

While yesterday’s recovery was encouraging, it is still in retracement territory so it may be too early to get carried away.


Source – OANDA on Trading View

The key level at this stage may be $1,950 with it falling around the 61.8% Fibonacci retracement level – July highs to August lows – and the top of the 55/89-day simple moving average band.

A move above this may suggest there’s more to the recent gains since the rebound off the 200/233-day SMA band. That said, a rebound lower now could see that prior support come under pressure and a break of that could be very bearish.

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam