Gold (XAU/USD) prices defended the previous weekly recovery, for the first time in five weeks, as it rallied for the second day in a row amid broad-based US Dollar weakness. Also, the strength for the XAU/USD rally is cautious optimism in the market, as well as falling Treasury yields.
It is worth noting that the US Dollar Index (DXY) encourages reliance on Fed policymakers' data and the recent mixed US data, as well as the continued decline in interest rates. US Treasury yields from multi-year highs marked last week.
Comment
⋅
Gold prices fluctuated within the multi-resistance area of the $40 region on top US inflation and employment clues this week.
That said, the convergence of Pivot Point's one-day R1 and the previous daily high warrants an immediate rally in Gold near $1,928.
Comment
⋅
🔹Nearly 90% of debt cancellation benefits will go to borrowers earning less than $75,000, per the White House.