Gold prices started the week on a positive note following three consecutive days of losses as the dollar rally takes a breather. In the absence of high-tier economic data, a technical correction alongside receding market jitters have paused the gold decline.
At the time of writing, spot gold XAU/USD is trading at $2,015 an ounce, 0.30% above its opening price.
Last week, renewed worries surrounding the United States debt ceiling negotiations and the banking sector triggered a solid rally in the US dollar. However, the yellow metal remained under pressure despite the sour market mood and lower Treasury yields.
Looking ahead this week, investors will continue to focus on debt ceiling discussions, banking sector worries, Fed expectations, and economic data for direction. 
From a technical perspective, the XAU/USD pair holds a broader positive bias, although, in the short term, the yellow metal is losing momentum according to indicators on the daily chart. Both the RSI and MACD are trading flat right above their midlines. At the same time, the price hovers above the critical $2,000 level and within striking distance of its record highs, maintaining the risks tilted to the upside.
The spot price is being contained by the 20-day SMA on the downside, currently at $2,008, followed by the psychological $2,000 level and the $1,975 area. On the other hand, the immediate resistance area is seen around $2,025, followed by the $2,050 zone ahead of the all-time highs in the $2,070-75 region.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Gold Prices Rebound as Dollar Rally Takes a Pause
Published 05/15/2023, 09:27 AM
Updated 07/09/2023, 06:32 AM
Gold Prices Rebound as Dollar Rally Takes a Pause
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.