Forex-Traders-Uk

XAU was supported by the dollar weakness but continues to...

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
XAU was supported by the dollar weakness but continues to hover around the 1,900/oz mark, while the softness in real yields also likely supported the precious metal. Silver was also firmer, likely as a benefit from the falling dollar.

The dollar saw downside today and returned beneath the 93 figure as stocks saw mixed performance with little updates on the macro narrative (stimulus/covid restriction) and earnings take the limelight, while big tech names supported gains in the Nasdaq. Data was mixed out of the US, consumer confidence was let down by expectations, although current conditions was solid, meanwhile, durable goods surprised to the upside. The Dollar Index found support at yesterday’s low around 92.785.

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