XAUUSD New lows approaching $2010
Updated
After a quiet European session near $2,020 on Tuesday, gold turned higher and surpassed $2,030. Following Monday's sharp increase, the yield on the benchmark 10-year US Treasury bond fell by more than 1% during the day, allowing XAU/USD to rise further. Financial markets are all focused on delayed interest rate cuts after central bankers worldwide have tempered investors' expectations for tighter monetary policies. Tuesday saw the Reserve Bank of Australia (RBA) join the cautious stance, with policymakers deciding to keep the door open for further rate hikes if conditions require. Meanwhile, solid US macroeconomic data have further diminished the chances of a Federal Reserve (Fed) rate cut. As a result, government bond yields have risen, supporting the US dollar. Additionally, on a chart level, there is an uncertain recovery in gold, which could return to the $2050 area to regain liquidity at the 0.705 Fibonacci level before dropping to the $2010 zone. This is my expectation at H4, and I will carefully monitor the changes in this pair. Regards and happy trading to all.
Note
Good reaction of the price without the retest Note
Good downward movement in the price. Now, in my opinion, the price could retest a new supply zone before continuing downward.
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