Gold (XAU/USD) is struggling to maintain the $2,000 mark after reaching a high of $2,009.34 last Friday, the highest level since mid-May. The demand for safe-haven assets has waned at the start of the week, impacting both Gold and the US Dollar. Global attention is focused on Middle East developments, including Israel's ground offensive in the Gaza Strip, and anticipation is building for key central bank decisions, with the Federal Reserve, Bank of Japan, and Bank of England set to announce their monetary policies this week. Additionally, the US employment situation and upcoming economic reports are expected to influence Gold's performance, while stock markets remain positive and Treasury yields rise, albeit not providing strong support for the US Dollar.
According to technical analysis, XAU/USD is consolidating on Monday and has the potential to reach the middle band of the Bollinger Bands, which is currently squeezing. Presently, the price of gold is consolidating near the middle band, implying a possible downward consolidation. The Relative Strength Index (RSI) is currently at 58, indicating a neutral bias for the XAU/USD pair.
Resistance: $2,007, $2,020
Support: $1,993, $1,977
According to technical analysis, XAU/USD is consolidating on Monday and has the potential to reach the middle band of the Bollinger Bands, which is currently squeezing. Presently, the price of gold is consolidating near the middle band, implying a possible downward consolidation. The Relative Strength Index (RSI) is currently at 58, indicating a neutral bias for the XAU/USD pair.
Resistance: $2,007, $2,020
Support: $1,993, $1,977