Gold Sees Downward Trend Amid Dollar Strength: Analysis
Gold (XAU/USD) Brief Upswing:
📈 Gold encountered a brief upswing in the Asian session.
🔄 Before resuming its downward trajectory, signaling persistent bearish pressure.
US Economic Indicators and Treasury Yields:
📊 Despite varied US economic indicators and a drop in Treasury yields, the precious metal declined.
🔍 The US reported a decrease in job openings alongside an ISM Services PMI surpassing expectations.
Balanced Labor Market Impression:
⚖️ Fostering a balanced labor market impression in the US.
Dollar Regaining Strength:
💪 Despite the balanced labor market, the Greenback regained strength.
📈 Treasury yields fell, hitting multi-day highs.
Short-Term Bullish Trend for the Dollar:
📉 This Dollar momentum, coupled with declining yields, sustains a short-term bullish trend.
🖌️ Painting a negative outlook for Gold amidst anticipation for key upcoming US data releases.
Tuesday's Gold Market Movement:
📉 On Tuesday, XAU/USD moved lower, attempting to reach the lower band of the Bollinger Bands.
⬆️ The current movement suggests a potential upward trend, possibly returning to the middle band.
Relative Strength Index (RSI):
⚖️ The Relative Strength Index (RSI) stands below 41.
🐻 Indicating a bearish yet neutral sentiment for this pair.
Key Technical Levels:
🚀 Resistance levels: $2,031, $2,049.
📉 Support levels: $2,006, $1,992.
📈 Gold encountered a brief upswing in the Asian session.
🔄 Before resuming its downward trajectory, signaling persistent bearish pressure.
US Economic Indicators and Treasury Yields:
📊 Despite varied US economic indicators and a drop in Treasury yields, the precious metal declined.
🔍 The US reported a decrease in job openings alongside an ISM Services PMI surpassing expectations.
Balanced Labor Market Impression:
⚖️ Fostering a balanced labor market impression in the US.
Dollar Regaining Strength:
💪 Despite the balanced labor market, the Greenback regained strength.
📈 Treasury yields fell, hitting multi-day highs.
Short-Term Bullish Trend for the Dollar:
📉 This Dollar momentum, coupled with declining yields, sustains a short-term bullish trend.
🖌️ Painting a negative outlook for Gold amidst anticipation for key upcoming US data releases.
Tuesday's Gold Market Movement:
📉 On Tuesday, XAU/USD moved lower, attempting to reach the lower band of the Bollinger Bands.
⬆️ The current movement suggests a potential upward trend, possibly returning to the middle band.
Relative Strength Index (RSI):
⚖️ The Relative Strength Index (RSI) stands below 41.
🐻 Indicating a bearish yet neutral sentiment for this pair.
Key Technical Levels:
🚀 Resistance levels: $2,031, $2,049.
📉 Support levels: $2,006, $1,992.
Disclaimer
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.
Disclaimer
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.