Uptrend of gold - 12/07/2023
The price of gold
XAUUSD
, has resumed its upward movement after a slight correction to around $1,930.00 during the London session. This increase in price can be attributed to the weakening of the US Dollar Index (DXY) ahead of the release of the Consumer Price Index (CPI) data on Wednesday at 12:30 GMT.
The US Dollar Index (DXY) has found temporary support around 101.68. It is expected that the USD Index will continue to decline due to strong labor market conditions and a decrease in inflationary pressures caused by lower gasoline prices. Additionally, the 10-year US Treasury yields have dropped to approximately 3.96%.
Furthermore, the Relative Strength Index (RSI) (14) has entered the bullish range of 60.00-80.00, indicating the start of a bullish momentum.
XAUUSD
, has resumed its upward movement after a slight correction to around $1,930.00 during the London session. This increase in price can be attributed to the weakening of the US Dollar Index (DXY) ahead of the release of the Consumer Price Index (CPI) data on Wednesday at 12:30 GMT. The US Dollar Index (DXY) has found temporary support around 101.68. It is expected that the USD Index will continue to decline due to strong labor market conditions and a decrease in inflationary pressures caused by lower gasoline prices. Additionally, the 10-year US Treasury yields have dropped to approximately 3.96%.
Furthermore, the Relative Strength Index (RSI) (14) has entered the bullish range of 60.00-80.00, indicating the start of a bullish momentum.
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