Gold is rising back to $2,741 early Tuesday.
The greenback has retreated from its highest level in nearly three months in Asian trading on Tuesday, as U.S. Treasury yields reinforced the previous price increase. The dollar's pause and rising yields have provided buyers with an opportunity after Monday's sharp drop from record highs.
A moderate risk tone and uncertainty ahead of the U.S. presidential election have revived demand for gold as a safe haven. However, it's unclear whether gold prices will sustain their upward momentum and reach new record levels, especially as Chinese stocks show signs of recovery.
Expectations for a less aggressive stance from the Fed may also limit the upward trend of this precious metal.
Personal opinion:
Gold prices are currently attempting to test the record high of $2,741. In this context, buyers are actively pushing back, trying to regain control of the market. The competition between buyers and sellers is intense, creating a lively atmosphere in gold trading.
Pay attention to the price range:
A moderate risk tone and uncertainty ahead of the U.S. presidential election have revived demand for gold as a safe haven. However, it's unclear whether gold prices will sustain their upward momentum and reach new record levels, especially as Chinese stocks show signs of recovery.
Expectations for a less aggressive stance from the Fed may also limit the upward trend of this precious metal.
Personal opinion:
Gold prices are currently attempting to test the record high of $2,741. In this context, buyers are actively pushing back, trying to regain control of the market. The competition between buyers and sellers is intense, creating a lively atmosphere in gold trading.
Pay attention to the price range:
Buy Zone: 2705 - 2703
SL: 2698
Buy Zone: 2716 - 2714
SL: 2709
Sell Zone: 2740 - 2742
SL: 2747
Sell Zone: 2750 - 2752
SL: 2757
Note
Gold prices attracted some dip-buying on Tuesday amid a mix of supportive factors. Political instability in the United States and tensions in the Middle East bolstered safe-haven demand for XAU/USD.
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