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 trades with a mild positive bias above the $1,970 level during the early 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.
Softer US Treasury bond yields fail to assist the US Dollar (USD) to capitalize on the overnight solid bounce from a one-month, which, in turn, is seen benefitting the non-yielding yellow metal. Apart from this, 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 XAU/USD.
XAUUSD BUY : 1971
TP. : 1980
TP. : 1990
TP. : 2000
SL. : 1960
Softer US Treasury bond yields fail to assist the US Dollar (USD) to capitalize on the overnight solid bounce from a one-month, which, in turn, is seen benefitting the non-yielding yellow metal. Apart from this, 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 XAU/USD.
XAUUSD BUY : 1971
TP. : 1980
TP. : 1990
TP. : 2000
SL. : 1960
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