Gold prices are making a modest recovery during the Asian trading session after finding renewed demand near the $2,380 level. The metal is capitalizing on a softer risk environment and the sustained dip in U.S. Treasury yields, despite recent hawkish comments from the Fed.
Currently trading near $2,380, the daily chart suggests that the downward trend might persist. Technical indicators pulling back from overbought levels indicate that the decline could continue. However, a more significant drop has not materialized yet, as XAUUSD remains resilient, continuing to develop its moving averages. The EMA 34 and 89 maintain a strong upward slope starting around $2,281, suggesting underlying strength.