Gold prices saw a slight uptick on the first day of this week and maintained a modest gain throughout the day. Currently, XAUUSD is trading at around $2,020, indicating a 0.30% increase for the day. This marks the end of a three-day losing streak for gold prices. The US Dollar, on the other hand, has bounced back from a 5-week high due to concerns over the US debt ceiling.
This factor has been the primary support for the US Dollar-denominated Gold price. Moreover, the global economic recession has resulted in increased demand for the safe-haven Gold price, further aiding the uptrend. To enter the order, two essential elements need to be considered - waiting for GOLD to break through the resistance level around 2023USD and waiting for the Reset price to return to the Keylevel.