Hello everyone, gold traded relatively calmly today at a high level after breaking out of the previous downtrend.
Today, the price of gold was supported by the decline in US Treasury bond yields. As a result, the US dollar (USD) weakened as the US Dollar Index (DXY), which tracks this currency against six other currencies, fell by 0.05%.
From the analysis chart: Gold is trading sideways as XAU/USD has been unable to surpass the psychological resistance level of $2,035 for the past 12 days. However, the upward trend is still intact, and if buyers reclaim the $2,035 level, it could open up an opportunity to challenge the psychological level of $2,050.
Today, the price of gold was supported by the decline in US Treasury bond yields. As a result, the US dollar (USD) weakened as the US Dollar Index (DXY), which tracks this currency against six other currencies, fell by 0.05%.
From the analysis chart: Gold is trading sideways as XAU/USD has been unable to surpass the psychological resistance level of $2,035 for the past 12 days. However, the upward trend is still intact, and if buyers reclaim the $2,035 level, it could open up an opportunity to challenge the psychological level of $2,050.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.