Gold prices (XAU/USD) rallied to fresh intraday highs, continuing a two-day rally after falling to a 10-week low. Interestingly, XAU/USD did not follow the rally of the US Dollar Index (DXY), but instead reacted positively to the lowering of Treasury yields as the market waited for the US
House of Representatives to quit. debt ceiling agreement. The immediate support at $1,577, including the 23.6% Fibonacci, was broken in just one day, which further convinces the commodity optimists.
Gold prices traded defensively on Tuesday due to a drop in open interest, suggesting a potential for recovery in the near future. However, the precious metal continues to be well supported around the $1,930 level, which coincides with the 100-day SMA.
House of Representatives to quit. debt ceiling agreement. The immediate support at $1,577, including the 23.6% Fibonacci, was broken in just one day, which further convinces the commodity optimists.
Gold prices traded defensively on Tuesday due to a drop in open interest, suggesting a potential for recovery in the near future. However, the precious metal continues to be well supported around the $1,930 level, which coincides with the 100-day SMA.
