GOLD Price Holds Ground as US Dollar Weakens and Optimism...
Gold Price Holds Ground as US Dollar Weakens and Optimism Prevails
The Gold Price (XAU/USD) has managed to maintain its recovery trajectory from the previous week, which marked its first ascent in five weeks. The precious metal continues its upward movement for a second consecutive day, benefiting from the widespread weakness observed in the US Dollar. Additionally, the market's cautious optimism and subdued Treasury bond yields are contributing to the ongoing rebound of XAU/USD.
Notably, the US Dollar Index (DXY) is finding support in the Federal Reserve's data-driven approach and a blend of mixed recent US economic data. This comes alongside a consistent pullback in US Treasury bond yields, which had surged to multi-year highs in the preceding week.
Looking globally, optimism persists due to expectations of further stimulus measures from China, encompassing both fiscal and monetary policies. These positive prospects are bolstering the confidence of Gold buyers.
Nevertheless, the atmosphere remains tentative as the market anticipates critical cues related to US inflation, employment dynamics, and China's economic activity data. This sense of caution is influencing the XAU/USD bulls, who currently face resistance around the crucial $1,940 level.
In conclusion, the Gold Price's path is paved with several catalysts that favor additional upward movement. However, the interplay between the resistance at $1,940, the broader weakening of the US Dollar, and the subdued bond yields will be pivotal in determining the extent of future advances for XAU/USD.
Our preference
Long positions above 1917.00 with targets at 1927.00 & 1932.00 in extension.
The Gold Price (XAU/USD) has managed to maintain its recovery trajectory from the previous week, which marked its first ascent in five weeks. The precious metal continues its upward movement for a second consecutive day, benefiting from the widespread weakness observed in the US Dollar. Additionally, the market's cautious optimism and subdued Treasury bond yields are contributing to the ongoing rebound of XAU/USD.
Notably, the US Dollar Index (DXY) is finding support in the Federal Reserve's data-driven approach and a blend of mixed recent US economic data. This comes alongside a consistent pullback in US Treasury bond yields, which had surged to multi-year highs in the preceding week.
Looking globally, optimism persists due to expectations of further stimulus measures from China, encompassing both fiscal and monetary policies. These positive prospects are bolstering the confidence of Gold buyers.
Nevertheless, the atmosphere remains tentative as the market anticipates critical cues related to US inflation, employment dynamics, and China's economic activity data. This sense of caution is influencing the XAU/USD bulls, who currently face resistance around the crucial $1,940 level.
In conclusion, the Gold Price's path is paved with several catalysts that favor additional upward movement. However, the interplay between the resistance at $1,940, the broader weakening of the US Dollar, and the subdued bond yields will be pivotal in determining the extent of future advances for XAU/USD.
Long positions above 1917.00 with targets at 1927.00 & 1932.00 in extension.
Trade closed: target reached:
✅ TELEGRAM CHANNEL: t.me/+VECQWxY0YXKRXLod
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: www.instagram.com/forexn1_com/
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: www.instagram.com/forexn1_com/
