Gold price (XAU/USD) rallied to over a three-week high, around the $1,932-1,933 area on Friday in the wake of the intensifying Israel-Hamas conflict, which forced investors to take refuge in traditional safe-haven assets. Apart from this, expectations that the Federal Reserve (Fed) is nearing the end of its rate-hiking cycle provided an additional boost to the non-yielding yellow metal.
Bulls, however, struggled to capitalize on the momentum beyond a technically significant 200-day Simple Moving Average (SMA). This, along with elevated US Treasury bond yields, prompts some profit-taking around the Gold price on the first day of a new week. The XAU/USD extends its steady descent through the European session, albeit manages to hold above the $1,900 mark amid a subdued US Dollar (USD) price action. A softer Greenback tends to benefit US Dollar-denominated
commodities, including the XAU/USD.
Xauusd Buy : 1918
Tp. : 1930
Tp. : 1940
Tp. : 1950
SL. : 1900
Bulls, however, struggled to capitalize on the momentum beyond a technically significant 200-day Simple Moving Average (SMA). This, along with elevated US Treasury bond yields, prompts some profit-taking around the Gold price on the first day of a new week. The XAU/USD extends its steady descent through the European session, albeit manages to hold above the $1,900 mark amid a subdued US Dollar (USD) price action. A softer Greenback tends to benefit US Dollar-denominated
commodities, including the XAU/USD.
Xauusd Buy : 1918
Tp. : 1930
Tp. : 1940
Tp. : 1950
SL. : 1900
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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.