Gold is fluctuating around 1925 and could fall next week
XAUUSD
The price of gold has caught the attention of buyers for the second day in a row, as it benefits from a combination of factors. Concerns about a potential global economic decline and worsening relations between the US and China are driving investors towards the safe-haven metal.
Additionally, profit-taking on the US Dollar is being prompted by falling US bond yields, which further supports this positive trend.
Amidst worries over the deteriorating economic situation in China, Japan's second-quarter GDP growth downgrade adds to concerns about a more severe global downturn.
The trading range for gold remains within the range from the previous day, indicating a decrease in volatility. The 200-day Exponential Moving Average (EMA) at around $1,910.00 is providing support for the yellow metal, but it is being hindered by the 20-day EMA at approximately $1,921.00. Investors are cautious and staying on the sidelines due to these factors affecting gold's price movement.