Gold Price (XAU/USD) defends the previous weekly recovery, the first in five, as it rises for the second consecutive day amid the broad US Dollar weakness.
Also adding strength to the XAU/USD rebound is the cautious optimism in the market, as well as the downbeat Treasury bond yields.
It's worth nothing that the US Dollar Index (DXY) cheers the Fed policymakers' data dependency and recent mixed US data, as well as a sustained pullback in the US Treasury bond yields from the multi-year high marked last week.
Elsewhere, hopes of more stimulus from China via fiscal, as well as monetary policy, keep the Gold buyers hopeful.
However, the cautious mood ahead of the US inflation and employment clues, as well as China activity data, prod the XAU/USD bulls around the key $1,932 resistance confluence.
To sum up, the Gold Price has the majority of catalysts needed for the further upside but $1,940 and broad US Dollar weakness, as well as the downbeat yields, will decide the further advances of the XAU/USD.
Also adding strength to the XAU/USD rebound is the cautious optimism in the market, as well as the downbeat Treasury bond yields.
It's worth nothing that the US Dollar Index (DXY) cheers the Fed policymakers' data dependency and recent mixed US data, as well as a sustained pullback in the US Treasury bond yields from the multi-year high marked last week.
Elsewhere, hopes of more stimulus from China via fiscal, as well as monetary policy, keep the Gold buyers hopeful.
However, the cautious mood ahead of the US inflation and employment clues, as well as China activity data, prod the XAU/USD bulls around the key $1,932 resistance confluence.
To sum up, the Gold Price has the majority of catalysts needed for the further upside but $1,940 and broad US Dollar weakness, as well as the downbeat yields, will decide the further advances of the XAU/USD.
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Disclaimer
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.