Gold prices fell slightly at the start of the week and left a one-week high of around $1,973 on Friday. Currently, XAU/USD is trading at $1,955 during the Asian session, trying to sustain above the key support of the 100-day Simple Moving Average (SMA).
Next Friday's top is resistance immediately around the $1,983-$1,985 supply area. If the price can break above this level, it could trigger a short-term bullish position and support gold reaching the psychological $2,000 level.
XAU/USD might resume the uptrend and eventually reach the area-based continuous jet resistance near $2,010-$2.012.
Next Friday's top is resistance immediately around the $1,983-$1,985 supply area. If the price can break above this level, it could trigger a short-term bullish position and support gold reaching the psychological $2,000 level.
XAU/USD might resume the uptrend and eventually reach the area-based continuous jet resistance near $2,010-$2.012.
Comment:
The US dollar follows a slight recovery in US Treasury yields on the public road, although US Treasury buyers remain in the game amid renewed economic concerns and expectations. high on work The Federal Reserve halted performance gains on Wednesday. Markets had predicted 76% that the Fed would keep the Fed reserve rate in the 5.00%-5.25% range when their two-day meeting ends on Wednesday. A recent string of upbeat economic data from the United States revived hopes for a pause in the Fed's tightening cycle.
