GOLDPushes Back Bearish Bias, Looks Bullish. LONG

Despite facing some recent struggles, the bulls of XAU/USD have managed to push back against the bearish bias that had dominated the market over the past two days. This has been driven by a retreat in the United States Treasury bond yields and the US Dollar. Additionally, the US Dollar Index (DXY) has eased to 102.00, with the 10-year and two-year Treasury bond yields experiencing mild losses of around 3.60% and 4.18%, respectively, at the time of writing.

As described yesterday, the price of gold underwent a deep retracement and formed a double bottom, which was in confluence with the dynamic trendline that acted as support. The bias for gold is currently long, and it appears that the price is bullish in almost all timeframes. As such, we are anticipating a continuation of the long trend. It is important to continue monitoring market trends and conditions, as they can change rapidly and impact the trajectory of the price.