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 weak
ness. Also adding strength to the XAU/USD rebound is the cautious optimism in the market, as well as the downbeat Treasury bond yields. 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.
However, the cautious mood ahead of the US inflation and employment clues, as well as China activity data, prod theTo 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.Gold Price: Key levels to watch
That said, a convergence of the Pivot Point one-day R1 and the previous daily high guards the immediate recovery of the Gold Price near $1,928. In a case where the XAU/USD buyers keep the reins past $1,937, the Pivot Point one-week R2 around $1,945 will act as the last defense of the Gold sellers.
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