Gold soared to $2,080 but reversed, dipping near $2,060 due to the rise in US Treasury bond yields. Investors are cautious ahead of year-end flows, limiting big bets on XAU/USD. The price may stabilize as the new year nears, remaining elevated.
Closing below the ascending trendline at $2,084, buyers approach with caution, yet the rising 14-day Relative Strength Index (RSI) provides optimism.
Breaking decisively above $2,100 is pivotal to surpass resistance and potentially spark a new uptrend toward the record high of $2,144.
If a price correction gains momentum, initial support rests at Wednesday's low of $2,061, possibly testing $2,050 thereafter.
The 21-day Simple Moving Average (SMA) at $2,035 acts as the final defense for gold buyers.
Gold's price fluctuations, influenced by US bond yields, reflect cautious market sentiment. Both buyers and sellers monitor crucial levels as the year concludes, anticipating shifts in the new year.
Closing below the ascending trendline at $2,084, buyers approach with caution, yet the rising 14-day Relative Strength Index (RSI) provides optimism.
Breaking decisively above $2,100 is pivotal to surpass resistance and potentially spark a new uptrend toward the record high of $2,144.
If a price correction gains momentum, initial support rests at Wednesday's low of $2,061, possibly testing $2,050 thereafter.
The 21-day Simple Moving Average (SMA) at $2,035 acts as the final defense for gold buyers.
Gold's price fluctuations, influenced by US bond yields, reflect cautious market sentiment. Both buyers and sellers monitor crucial levels as the year concludes, anticipating shifts in the new year.
