After peaking at $2,080, gold swiftly reversed, dropping to around $2,060, pressured by resurging US Treasury bond yields. Investors are cautious, refraining from major bets on XAU/USD amidst year-end flows. Maintaining a relatively higher level, gold might consolidate into the new year.
Closing below the upward trendline at $2,084, potential buyers exercise caution. However, the 14-day RSI's continuous rise provides hope.
Breaking convincingly past $2,100 is crucial, failure risking a stall in the upward trend towards the all-time high of $2,144.
If a correction occurs, initial support lies at $2,061, with $2,050 as a potential further support level. Buyers' last defense rests at the 21-day SMA at $2,035.
Gold's price fluctuations reflect market caution amidst bond yield influence and investor sentiments. Both buyers and sellers monitor support and resistance levels closely as the year concludes.
Wishing everyone a Happy New Year !
Closing below the upward trendline at $2,084, potential buyers exercise caution. However, the 14-day RSI's continuous rise provides hope.
Breaking convincingly past $2,100 is crucial, failure risking a stall in the upward trend towards the all-time high of $2,144.
If a correction occurs, initial support lies at $2,061, with $2,050 as a potential further support level. Buyers' last defense rests at the 21-day SMA at $2,035.
Gold's price fluctuations reflect market caution amidst bond yield influence and investor sentiments. Both buyers and sellers monitor support and resistance levels closely as the year concludes.
Wishing everyone a Happy New Year !
