Gold price (XAU/USD) gains some positive traction on Wednesday and move away from the weekly low, around the $1,954-1,953 area touched the previous day. The precious metal manages to hold its neck above the $1,970 level through the first half of the European session and for now, seems to have stalled its recent retracement slide from the vicinity of the $2,000 psychological mark, or a five-month top touched last Friday.
Looming recession risk, fueled by a flurry of weaker economic data from Europe on Tuesday, along with the Middle East conflict, turns out to be another factor lending some support to the safe-haven Gold price. That said, a fresh leg up in the US Treasury bond yields and the emergence of some US Dollar (USD) dip-buying, bolstered by hawkish Federal Reserve (Fed) expectations, cap the upside for the non-yielding yellow metal.
GOLD BUY : 1971
TP. : 1978
TP. : 1986
TP. : 2000
SL. : 1950-52
Looming recession risk, fueled by a flurry of weaker economic data from Europe on Tuesday, along with the Middle East conflict, turns out to be another factor lending some support to the safe-haven Gold price. That said, a fresh leg up in the US Treasury bond yields and the emergence of some US Dollar (USD) dip-buying, bolstered by hawkish Federal Reserve (Fed) expectations, cap the upside for the non-yielding yellow metal.
GOLD BUY : 1971
TP. : 1978
TP. : 1986
TP. : 2000
SL. : 1950-52
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.