- Gold begins the week confirming a breakout of a sideways range.
- Bullish bias for the yellow metal, faces resistance at $1960.
- The dollar weakened, the yen the worst performer.
The Prayed Started the week on a good note. In the European session it jumped above $1,950 and rose to $1,959, hitting the highest level in two weeks. Then XAU/USD pulled back and is trading at $1953, above the range of the last two weeks.
In case of extending the uploads, resistances can be seen at $1960, followed by $1966 (March 24 high) and the $1975 zone. In the opposite direction, a return below $1939 would take the bullish momentum out of the metal. The next support is seen at $1933 and $1920, before the critical area of ​​$1915.
The bias is bullish for gold, which is advancing even as Treasury yields rise. The 10-year rate is at 2.776% and the 30-year rate at 2.779%, the highest in years.
The dollar it appears weakened on Monday, especially in the last few hours. DXY is unchanged around 99.80, supported mostly by rising USD/JPY. The yen is the worst performer on Monday among the most traded.
Regarding the economic calendar, Monday is calm. The presentation of several Federal Reserve officials stands out: Raphael Bostic, Michelle Bownman and Christopher Waller will participate in the same “Fed Listens” event in the American morning. Then Charles Evans (Chicago Fed) will speak at the Economic Club of Chicago and in the afternoon John Williams will moderate an event at the Economic Club of New York.
Technical levels
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
