Gold Prices Marginally Above Friday's Closure:
π Gold prices for XAU/USD held marginally above Friday's closure at $2,018.19 per troy ounce.
π Despite subdued demand for the US Dollar triggered by softer government bond yields following the Fed's decision to halt monetary tightening.
Fed's Stance and Retreat in Treasury Yields:
π¦ The Fed's stance, marking a pivot toward potential rate cuts, caused a retreat in US Treasury yields.
π Notably, the 10-year note currently stands at 3.95%.
Wall Street's Positive Performance Impact:
π Wall Street's positive performance limited the safe-haven appeal of the Greenback.
π Constraining upward movement for gold.
Focus on Winter Holidays and Upcoming Economic Updates:
π As financial markets approach the winter holidays, attention turns to upcoming inflation updates from the UK, Canada, and the Bank of Japan's monetary policy decision.
π Culminating with the US releasing the Core PCE Price Index, anticipated to show a slight decrease in November's YoY inflation.
Monday's XAU/USD Movement:
π On Monday, XAU/USD moved in consolidation around the middle band of the Bollinger Bands.
β¬οΈ Currently, the price is moving just below the middle band, suggesting a potential another consolidation movement.
Relative Strength Index (RSI):
βοΈ The Relative Strength Index (RSI) stands at 53.
π Signaling a neutral outlook for this pair.
Key Technical Levels:
π Resistance levels: $2,041, $2,068.
π Support levels: $2,008, $1,985.
π Gold prices for XAU/USD held marginally above Friday's closure at $2,018.19 per troy ounce.
π Despite subdued demand for the US Dollar triggered by softer government bond yields following the Fed's decision to halt monetary tightening.
Fed's Stance and Retreat in Treasury Yields:
π¦ The Fed's stance, marking a pivot toward potential rate cuts, caused a retreat in US Treasury yields.
π Notably, the 10-year note currently stands at 3.95%.
Wall Street's Positive Performance Impact:
π Wall Street's positive performance limited the safe-haven appeal of the Greenback.
π Constraining upward movement for gold.
Focus on Winter Holidays and Upcoming Economic Updates:
π As financial markets approach the winter holidays, attention turns to upcoming inflation updates from the UK, Canada, and the Bank of Japan's monetary policy decision.
π Culminating with the US releasing the Core PCE Price Index, anticipated to show a slight decrease in November's YoY inflation.
Monday's XAU/USD Movement:
π On Monday, XAU/USD moved in consolidation around the middle band of the Bollinger Bands.
β¬οΈ Currently, the price is moving just below the middle band, suggesting a potential another consolidation movement.
Relative Strength Index (RSI):
βοΈ The Relative Strength Index (RSI) stands at 53.
π Signaling a neutral outlook for this pair.
Key Technical Levels:
π Resistance levels: $2,041, $2,068.
π Support levels: $2,008, $1,985.