Gold price (XAU/USD) kicks off the new week on a weaker note and extends Friday's retracement slide from the $2,004 area or a multi-day high touched in reaction to softer jobs data from the United States (US). The prevalent risk-on environment – as depicted by a strong follow-through rally in the equity markets – is seen as a key factor weighing on the safe-haven precious metal. Apart from this, a modest pickup in the US Treasury bond yields further contributes to driving flows away from the non-yielding yellow metal closer.
The US Dollar (USD), meanwhile, languishes near a six-week low amid expectations that the Federal Reserve (Fed) is done raising interest rates, which should keep a lid on any meaningful upside for the US bond yields. This, in turn, favours the USD bears and assists the US dollar-denominated Gold price to find some support near the $1,980 level. This, along with the risk of a further escalation in the Israel-Hamas conflict, should limit losses for the XAU/USD and warrants caution before positioning for any meaningful corrective slide from the YTD peak touched on October 27.
XAUUSD BUY : 1986
TP. : 1992
TP. : 1999
TP. : 2005
SL. : 1978
The US Dollar (USD), meanwhile, languishes near a six-week low amid expectations that the Federal Reserve (Fed) is done raising interest rates, which should keep a lid on any meaningful upside for the US bond yields. This, in turn, favours the USD bears and assists the US dollar-denominated Gold price to find some support near the $1,980 level. This, along with the risk of a further escalation in the Israel-Hamas conflict, should limit losses for the XAU/USD and warrants caution before positioning for any meaningful corrective slide from the YTD peak touched on October 27.
XAUUSD BUY : 1986
TP. : 1992
TP. : 1999
TP. : 2005
SL. : 1978
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