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It's evident that XAUUSD experienced a significant uptick yesterday, surpassing the $2055 mark. Currently trading at a new high of $2081 after reaching $2088, what factors propelled this currency pair?
Regarding influencing factors: Gold prices soared to their highest level in 9 weeks, breaching the $2,100 mark during Monday's Asian trading session. Optimistic US economic data on Friday fueled speculation of a late-year interest rate cut. Additionally, lower US Treasury bond yields provided added impetus, increasing investor demand for the yellow metal.
Regarding the new outlook for XAUUSD: On the daily chart, XAUUSD is currently receiving strong support around the breakout level of $2055. Breaking below this level would lead to a significant price decline, while maintaining it would result in further price appreciation. Expectations are for prices to continue their upward trend following this corrective phase."
It's evident that XAUUSD experienced a significant uptick yesterday, surpassing the $2055 mark. Currently trading at a new high of $2081 after reaching $2088, what factors propelled this currency pair?
Regarding influencing factors: Gold prices soared to their highest level in 9 weeks, breaching the $2,100 mark during Monday's Asian trading session. Optimistic US economic data on Friday fueled speculation of a late-year interest rate cut. Additionally, lower US Treasury bond yields provided added impetus, increasing investor demand for the yellow metal.
Regarding the new outlook for XAUUSD: On the daily chart, XAUUSD is currently receiving strong support around the breakout level of $2055. Breaking below this level would lead to a significant price decline, while maintaining it would result in further price appreciation. Expectations are for prices to continue their upward trend following this corrective phase."
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