Gold Holds Above $2,018 Amid Fed's Shift: Outlook
Gold Prices Marginally Above Friday's Closure:
📈 Gold prices for XAU/USD held marginally above Friday's closure at $2,018.19 per troy ounce.
📉 Despite subdued demand for the US Dollar triggered by softer government bond yields following the Fed's decision to halt monetary tightening.
Fed's Stance and Retreat in Treasury Yields:
🏦 The Fed's stance, marking a pivot toward potential rate cuts, caused a retreat in US Treasury yields.
📉 Notably, the 10-year note currently stands at 3.95%.
Wall Street's Positive Performance Impact:
📈 Wall Street's positive performance limited the safe-haven appeal of the Greenback.
🔄 Constraining upward movement for gold.
Focus on Winter Holidays and Upcoming Economic Updates:
🎄 As financial markets approach the winter holidays, attention turns to upcoming inflation updates from the UK, Canada, and the Bank of Japan's monetary policy decision.
📊 Culminating with the US releasing the Core PCE Price Index, anticipated to show a slight decrease in November's YoY inflation.
Monday's XAU/USD Movement:
🔄 On Monday, XAU/USD moved in consolidation around the middle band of the Bollinger Bands.
⬇️ Currently, the price is moving just below the middle band, suggesting a potential another consolidation movement.
Relative Strength Index (RSI):
⚖️ The Relative Strength Index (RSI) stands at 53.
😐 Signaling a neutral outlook for this pair.
Key Technical Levels:
🚀 Resistance levels: $2,041, $2,068.
📉 Support levels: $2,008, $1,985.
📈 Gold prices for XAU/USD held marginally above Friday's closure at $2,018.19 per troy ounce.
📉 Despite subdued demand for the US Dollar triggered by softer government bond yields following the Fed's decision to halt monetary tightening.
Fed's Stance and Retreat in Treasury Yields:
🏦 The Fed's stance, marking a pivot toward potential rate cuts, caused a retreat in US Treasury yields.
📉 Notably, the 10-year note currently stands at 3.95%.
Wall Street's Positive Performance Impact:
📈 Wall Street's positive performance limited the safe-haven appeal of the Greenback.
🔄 Constraining upward movement for gold.
Focus on Winter Holidays and Upcoming Economic Updates:
🎄 As financial markets approach the winter holidays, attention turns to upcoming inflation updates from the UK, Canada, and the Bank of Japan's monetary policy decision.
📊 Culminating with the US releasing the Core PCE Price Index, anticipated to show a slight decrease in November's YoY inflation.
Monday's XAU/USD Movement:
🔄 On Monday, XAU/USD moved in consolidation around the middle band of the Bollinger Bands.
⬇️ Currently, the price is moving just below the middle band, suggesting a potential another consolidation movement.
Relative Strength Index (RSI):
⚖️ The Relative Strength Index (RSI) stands at 53.
😐 Signaling a neutral outlook for this pair.
Key Technical Levels:
🚀 Resistance levels: $2,041, $2,068.
📉 Support levels: $2,008, $1,985.
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