Gold edges lower to $2,030 during the early Asian session on Tuesday. Meanwhile, the US Dollar Index rose to 103.60 and the Treasury yields edge higher, with the 10-year yield recovering from 4.24% to 4.32%.
XAUUSD
price is trading around $2,030, up 0.12% on the day.
XAUUSD
price sharply fell, dropping more than a hundred dollars from all-time highs, indicating the possibility of a short-term top. However, considering that volatility is expected to remain elevated, a rally towards new highs should not be ruled out but looks unlikely. The overall trend remains upward, but a decline below $2,010 would clear the path for a deeper correction.
On the 4-hour chart,
XAUUSD
broke below an uptrend line, and technical indicators are biased to the downside. Price found support around the $2,020 area, and a further break lower would expose the $2,005 area. The next target below stands at $1,990. The negative bias will remain in place as long as it stays below $2,040. If gold rises above $2,050, it would negate the negative momentum and could trigger a rebound towards $2,080.
Support levels: $2,020 $2,005 $1,985
Resistance levels: $2,050 $2,100 $2,150
XAUUSD
price is trading around $2,030, up 0.12% on the day.
XAUUSD
price sharply fell, dropping more than a hundred dollars from all-time highs, indicating the possibility of a short-term top. However, considering that volatility is expected to remain elevated, a rally towards new highs should not be ruled out but looks unlikely. The overall trend remains upward, but a decline below $2,010 would clear the path for a deeper correction. On the 4-hour chart,
XAUUSD
broke below an uptrend line, and technical indicators are biased to the downside. Price found support around the $2,020 area, and a further break lower would expose the $2,005 area. The next target below stands at $1,990. The negative bias will remain in place as long as it stays below $2,040. If gold rises above $2,050, it would negate the negative momentum and could trigger a rebound towards $2,080. Support levels: $2,020 $2,005 $1,985
Resistance levels: $2,050 $2,100 $2,150
