Gold prices edged up slightly higher and attempted to continue their gains on Tuesday. XAU/USD hovers around $1,900/troy ounce during the Asian session on Wednesday, having found signs of recovery after 4 consecutive weeks of default losses despite a firmer US Dollar (USD).
However, growing risk aversion and concerns about the Chinese economy are weighing on Gold prices. These factors can impact the total action value.
The US Dollar Index (DXY), which measures the greenback's performance, therefore, for the six major currencies, picked up resilience on Tuesday and ended the day with gains. At the time of writing, DXY is hovering around the 103.50 level. Falling US Treasury yields and falling US home sales could put the greenback under pressure.
However, growing risk aversion and concerns about the Chinese economy are weighing on Gold prices. These factors can impact the total action value.
The US Dollar Index (DXY), which measures the greenback's performance, therefore, for the six major currencies, picked up resilience on Tuesday and ended the day with gains. At the time of writing, DXY is hovering around the 103.50 level. Falling US Treasury yields and falling US home sales could put the greenback under pressure.
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Gold prices traded on a positive note for the fourth consecutive day on Thursday and are currently just below the $1,920 region, or near two-week highs hit the previous day. However, XAU/USD lacks bullish conviction, caution is needed before extending the recent bounce from the $1,885 region or the lows since March 13 touching the top. this week .
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The BRICS will move forward using the trading currency below the dollar.
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🟢The Dow Jones Industrial Average shed 36 points, or 0.1%, after being up more than 200 points at session highs. The S&P 500 slipped 0.2%, while the Nasdaq Composite dipped nearly 0.3%.
