Gold Holds Strong Around $2,040 Amid Weaker US Dollar
Gold's Resilient Stance:
🌟 Gold (XAU/USD) maintained a resilient stance, hovering around $2,040.
💪 Resilience despite the weakening US Dollar, buoyed by a positive equities market with robust risk appetite.
Equities Market and Record Highs:
📈 The Nasdaq Composite achieved consecutive record highs.
🚀 Reinforcing the positive sentiment inspired by central banks.
USD Pressure and Sliding Treasury Yields:
📉 Compounding the USD's pressure were sliding Treasury yields.
📉 Hitting lows unseen since July.
Focus on Core PCE Price Index:
👀 Despite a relatively quiet US macroeconomic calendar, attention is fixated on Friday's release of the Core PCE Price Index.
🏦 The Federal Reserve's favored inflation gauge, keeping speculative interests keenly attuned to potential market shifts.
Tuesday's XAU/USD Movement:
⬆️ On Tuesday, XAU/USD moved slightly higher and reached the upper band of the Bollinger Bands.
⬇️ Currently, the price is moving just below the upper band, suggesting a potential another upward movement.
Relative Strength Index (RSI):
⚖️ The Relative Strength Index (RSI) stands at 62.
😐 Signaling a neutral outlook for this pair.
Key Technical Levels:
🚀 Resistance levels: $2,050, $2,068.
📉 Support levels: $2,031, $2,008.
🌟 Gold (XAU/USD) maintained a resilient stance, hovering around $2,040.
💪 Resilience despite the weakening US Dollar, buoyed by a positive equities market with robust risk appetite.
Equities Market and Record Highs:
📈 The Nasdaq Composite achieved consecutive record highs.
🚀 Reinforcing the positive sentiment inspired by central banks.
USD Pressure and Sliding Treasury Yields:
📉 Compounding the USD's pressure were sliding Treasury yields.
📉 Hitting lows unseen since July.
Focus on Core PCE Price Index:
👀 Despite a relatively quiet US macroeconomic calendar, attention is fixated on Friday's release of the Core PCE Price Index.
🏦 The Federal Reserve's favored inflation gauge, keeping speculative interests keenly attuned to potential market shifts.
Tuesday's XAU/USD Movement:
⬆️ On Tuesday, XAU/USD moved slightly higher and reached the upper band of the Bollinger Bands.
⬇️ Currently, the price is moving just below the upper band, suggesting a potential another upward movement.
Relative Strength Index (RSI):
⚖️ The Relative Strength Index (RSI) stands at 62.
😐 Signaling a neutral outlook for this pair.
Key Technical Levels:
🚀 Resistance levels: $2,050, $2,068.
📉 Support levels: $2,031, $2,008.