Gold prices (XAU/USD) have risen, supported by a weaker US Dollar and declining US Treasury yields.
Key Factors:
- US Dollar Weakness: The US Dollar has weakened, influenced by the expectation of further Fed rate cuts and geopolitical risks.
- Yields: US Treasury yields have declined, making gold more attractive as a non-interest-bearing asset.
- Central Bank Demand: Central banks continue to be major buyers of gold, supporting its price.
Technical Analysis:
- Upward Trend: Gold prices are in a short-term upward trend, with potential for further gains.
- Resistance Levels: The $2,685 level is a key resistance level.
- Moving Average Convergence Divergence (MACD): The MACD is in positive territory, indicating a bullish trend.
Overall Outlook:
Gold prices are likely to remain volatile, influenced by economic data, market sentiment, and geopolitical risks. Traders should monitor technical indicators for signs of a trend reversal.
