- The dollar turns positive on Monday after a bad start to the week.
- Treasury yields rise from daily lows.
- XAU/USD maintains a firm bullish trend, although it reverses direction at $1,930.
Gold is falling on Monday after hitting a nine-month high to start the week. After climbing to $1,928 (high since April 2022), XAU/USD reversed direction and fell back to $1,910 where it found support. It is trading around $1915, with the firm uptrend.
Monday’s low is still modest and follows two significant daily gains. At the moment, the pullback looks like a pause in the uptrend. Next supports are seen at $1905 and then $1880. To the upside, $1921 is again resistance to watch, ahead of the $1930 area.
The recoil of Prayed it occurs before a recovery of the dollar from minimums in months. What is driven in turn by a bounce in Treasury yields that move away from the minimums in days to which they fell on Monday. The dollar and yields are still well below levels of days ago, weighed down by rising expectations that the Federal Reserve will ease the pace of interest rate hikes at the next meeting.
The latest economic data showed mixed signals about economic activity in the US and a slowdown in inflation. Added to the above were statements by Fed officials suggesting that the next rise will be 25 basis points in the interest rate, instead of 50 point rises.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
