XAUUSD | Trade Idea
Updated
The XAU/USD pair shows a weak growth, again testing the psychological level of 2000.00 for a breakout. At the end of last week, gold quotes showed a sharp decline, retreating from their record highs of March 2022, falling under the influence of technical factors and a new phase of strengthening of the US currency. In addition, traders expect further tightening of monetary policy by the world's central banks in early May. In particular, the US Federal Reserve, the European Central Bank (ECB) and the Bank of England are likely to raise interest rates again. The pressure on the position of gold is also exerted by the fact of the growth in the yield of US Treasury bonds: the 10-year bonds corrected the day before from 3.522% to 3.595%. Today, the focus of investors will be American statistics on the dynamics of Housing Starts in March, where forecasts suggest a slowdown from 1.45 million to 1.40 million, and the Housing Starts Change may fall from 9.8% to 0.4%.
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