meer8071ali: Gold holds steady above $2,250 ahead of US data
Gold trades in positive territory above $2,250 on Tuesday. Ahead of JOLTS Job Openings data from the US, the benchmark 10-year US Treasury bond yield holds comfortably above 4.3% and limits XAU/USD's upside.From a technical perspective, the Relative Strength Index (RSI) on the daily chart is flashing overbought conditions, which makes it prudent to wait for some near-term consolidation or a modest pullback before the next leg up. That said, any meaningful corrective decline is more likely to find decent support and attract fresh buyers near the $2,223 region, or the previous record high. This should help limit the downside near the $2,200 mark, which should now act as a key pivotal point for the Gold price. A convincing break below the latter might prompt some technical selling and pave the way for deeper losses.Gold price (XAU/USD) attracts some buyers for the sixth straight day on Tuesday and remains well within the striking distance of the all-time peak, around the $2,265-$2,266 area touched the previous day. The upbeat US manufacturing data released on Monday raised doubts over whether the Federal Reserve (Fed) will cut interest rates three times this year. This, along with the risk of a further escalation of geopolitical tensions in the Middle East, tempers investors' appetite for riskier assets and acts as a tailwind for the safe-haven precious metal.
meer8071ali: Gold has been considered a highly valuable commodity for millennia and the gold price is widely followed in financial markets around the world. Mostly quoted in US Dollars (XAU/USD), gold price tends to increase as stocks and bonds decline. The metal holds its value well, making it a reliable safe-haven. It's traded constantly based on the intra-day spot rate. Improve your technical analysis of live gold prices with the real-time XAU/USD chart, and read our latest gold news, expert analysis and gold price forecast.
Gold trades in positive territory above $2,250 on Tuesday. Ahead of JOLTS Job Openings data from the US, the benchmark 10-year US Treasury bond yield holds comfortably above 4.3% and limits XAU/USD's upside.From a technical perspective, the Relative Strength Index (RSI) on the daily chart is flashing overbought conditions, which makes it prudent to wait for some near-term consolidation or a modest pullback before the next leg up. That said, any meaningful corrective decline is more likely to find decent support and attract fresh buyers near the $2,223 region, or the previous record high. This should help limit the downside near the $2,200 mark, which should now act as a key pivotal point for the Gold price. A convincing break below the latter might prompt some technical selling and pave the way for deeper losses.Gold price (XAU/USD) attracts some buyers for the sixth straight day on Tuesday and remains well within the striking distance of the all-time peak, around the $2,265-$2,266 area touched the previous day. The upbeat US manufacturing data released on Monday raised doubts over whether the Federal Reserve (Fed) will cut interest rates three times this year. This, along with the risk of a further escalation of geopolitical tensions in the Middle East, tempers investors' appetite for riskier assets and acts as a tailwind for the safe-haven precious metal.
meer8071ali: Gold has been considered a highly valuable commodity for millennia and the gold price is widely followed in financial markets around the world. Mostly quoted in US Dollars (XAU/USD), gold price tends to increase as stocks and bonds decline. The metal holds its value well, making it a reliable safe-haven. It's traded constantly based on the intra-day spot rate. Improve your technical analysis of live gold prices with the real-time XAU/USD chart, and read our latest gold news, expert analysis and gold price forecast.
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