XAUUD CONFIRM MOVE AND ANALYSIS FOR TODAY 🥵
Gold price (XAU/USD) kicks off the new week on a weaker note and extends Friday's retracement slide from the $2,004 area or a multi-day high touched in reaction to softer jobs data from the United States (US). The prevalent risk-on environment – as depicted by a strong follow-through rally in the equity markets – is seen as a key factor weighing on the safe-haven precious metal. Apart from this, a modest pickup in the US Treasury bond yields further contributes to driving flows away from the non-yielding yellow metal closer.
The US Dollar (USD), meanwhile, languishes near a six-week low amid expectations that the Federal Reserve (Fed) is done raising interest rates, which should keep a lid on any meaningful upside for the US bond yields. This, in turn, favours the USD bears and assists the US dollar-denominated Gold price to find some support near the $1,980 level. This, along with the risk of a further escalation in the Israel-Hamas conflict, should limit losses for the XAU/USD and warrants caution before positioning for any meaningful corrective slide from the YTD peak touched on October 27.
XAUUSD BUY : 1986
TP. : 1992
TP. : 1999
TP. : 2005
SL. : 1978
The US Dollar (USD), meanwhile, languishes near a six-week low amid expectations that the Federal Reserve (Fed) is done raising interest rates, which should keep a lid on any meaningful upside for the US bond yields. This, in turn, favours the USD bears and assists the US dollar-denominated Gold price to find some support near the $1,980 level. This, along with the risk of a further escalation in the Israel-Hamas conflict, should limit losses for the XAU/USD and warrants caution before positioning for any meaningful corrective slide from the YTD peak touched on October 27.
XAUUSD BUY : 1986
TP. : 1992
TP. : 1999
TP. : 2005
SL. : 1978
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.