Gold Spot / U.S. DollarUpdated The Fed maintains its hawkish stance
Gold prices extended the previous day's healthy recovery from $1,900 or above three-week lows and gained stronger traction for the second straight day on Friday. Momentum lifted XAU/USD to three-day highs around the $1,915-$1,916 region during the Asian session, although a meaningful upside move still seems unlikely.
The US Dollar (USD) has pulled back from its highest since March reached on Thursday and is seen as a key factor driving some of the flows towards US Dollar-denominated Gold prices. The decline in USD may be due to profit-taking amid a slight weakening of United States (US) government bond yields. However, strong expectations that the Federal Reserve (Fed) will keep interest rates higher for longer will be a driver of US bond yields and the Greenback.
The US Dollar (USD) has pulled back from its highest since March reached on Thursday and is seen as a key factor driving some of the flows towards US Dollar-denominated Gold prices. The decline in USD may be due to profit-taking amid a slight weakening of United States (US) government bond yields. However, strong expectations that the Federal Reserve (Fed) will keep interest rates higher for longer will be a driver of US bond yields and the Greenback.
Note
Scene for sale 1918-1920SL: 1923
TP1: 1913
TP2: 1907
Note
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Plan SELL: +35pip ✅✅✅Note
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Gold prices have been aiming cautiously lower in recent days, extending the wider decline since May. Guiding the yellow metal lower has been a falling trendline from May. Recently, XAU/USD rejected the former rising support line from November as it intersected with the descending trendline, opening the door to a downward resumption.
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