XAUUSD- Is the strength of gold no longer important to the econo
In the initial hours of Monday's Asian session, gold prices were observed to be hovering at approximately $1,920 per troy ounce. Despite this, the precious metal managed to maintain its previous weekly close due to some assistance from the weakening US Dollar (USD).
The US Dollar Index (DXY), a measure of the performance of the Greenback against six prominent currencies, is presently trading around 104.80. This value is slightly lower than its peak since April. However, there is an increase in US Treasury bond yields which may exert pressure on gold prices. Specifically, there has been a rise in yield for the 10-year US Treasury note by 0.52%, reaching 4.29%.
The US Dollar Index (DXY), a measure of the performance of the Greenback against six prominent currencies, is presently trading around 104.80. This value is slightly lower than its peak since April. However, there is an increase in US Treasury bond yields which may exert pressure on gold prices. Specifically, there has been a rise in yield for the 10-year US Treasury note by 0.52%, reaching 4.29%.
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Today's important support zone is 1917. It is likely that gold will break through this support zone because gold has reached 1917 3 times. In the case of the Asian and European sessions, gold prices increase to 1930, the possibility of the US trading session Gold will fall to the 1905 price range in the near future
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Short-term trading plan SELL 1925-1927. SL 1932
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+ 60 pips for this plan
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Gold price trades with a positive bias for the second straight day and holds above the 200-day SMA. Subdued US Dollar price action and looming recession risks offer some support to the XAU/USD. The upside seems limited ahead of the US CPI on Wednesday and Thursday's ECB policy meeting.
The US Dollar Index (DXY), a measure of the performance of the Greenback against six prominent currencies, is presently trading around 104.80. This value is slightly lower than its peak since April. However, there is an increase in US Treasury bond yields which may exert pressure on gold prices. Specifically, there has been a rise in yield for the 10-year US Treasury note by 0.52%, reaching 4.29%.