XAUUSD: Approaching 2200 USD, what happens next?
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Looking at the long-term perspective, we can observe on the 1D chart that it is showing a change in trend and expected to move towards the designated level. So, what reasons and factors could alter its trend?
Regarding the influencing factors: In the short term, Gold price (XAU/USD) extended its gains to around $2,165 after reaching a record high in early European trading on Friday. The US dollar (USD) is weaker and the lower bond yields of the US Treasury provide some support for gold prices. Furthermore, the growing expectations of the Federal Reserve's first interest rate cut in June also boost the demand for gold.
Regarding the trend change of XAU/USD: From the 1-day chart, the RSI technical indicator is indicating an overbought condition, suggesting that the price will start to decline if the resistance level of $2,200 holds, while a breakout would lead to an increase in price. It is anticipated that the price will decrease after testing and touching the upper limit of the ascending channel.
Looking at the long-term perspective, we can observe on the 1D chart that it is showing a change in trend and expected to move towards the designated level. So, what reasons and factors could alter its trend?
Regarding the influencing factors: In the short term, Gold price (XAU/USD) extended its gains to around $2,165 after reaching a record high in early European trading on Friday. The US dollar (USD) is weaker and the lower bond yields of the US Treasury provide some support for gold prices. Furthermore, the growing expectations of the Federal Reserve's first interest rate cut in June also boost the demand for gold.
Regarding the trend change of XAU/USD: From the 1-day chart, the RSI technical indicator is indicating an overbought condition, suggesting that the price will start to decline if the resistance level of $2,200 holds, while a breakout would lead to an increase in price. It is anticipated that the price will decrease after testing and touching the upper limit of the ascending channel.
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Comment:
Prices of the ounce troy of the yellow metal maintains its constructive mood and rises to a new all-time peak around $2,180 per troy ounce on the back of a weaker US Dollar post-Payrolls.
Comment:
Further upside sees prices of the yellow metal advance past the $2,190 mark per troy ounce at the end of the week against the backdrop of the weaker Dollar, marginal moves in US yields and rising bets of an interest rate cut by the Fed at its June event.
Comment:
Comment:
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