GOLD week 46.Tripble bottom forming
XAUUSD experienced a challenging week and concluded with a fresh low that hasn't been seen in three weeks. This decline occurred as investors shifted their focus from safe-haven assets to more risk-oriented markets. Additionally, the rise in bond yields put pressure on the precious metal, leading it to test various technical levels.
The US dollar had a tumultuous week due to fluctuations in US Treasury yields. Initially, yields dropped but then quickly surged, ultimately ending the week near their highest point. Chairman Powell's remarks, expressing uncertainty about the Federal Reserve's ability to control inflation, contributed to the increase in bond yields. Furthermore, the 30-year bond auction resulted in significant weakness, further driving up yields. As a result, the US dollar closely followed the movements in the US bond market and concluded the week on a high note.
There is a possibility that XAUUSD may retreat below $1,900 per ounce. On the other hand, it could also surpass new levels and reach above $2,000 per ounce. If this were to happen, it might instill confidence in traders, encouraging them to push prices even higher, potentially reaching $2,050 per ounce.
The US dollar had a tumultuous week due to fluctuations in US Treasury yields. Initially, yields dropped but then quickly surged, ultimately ending the week near their highest point. Chairman Powell's remarks, expressing uncertainty about the Federal Reserve's ability to control inflation, contributed to the increase in bond yields. Furthermore, the 30-year bond auction resulted in significant weakness, further driving up yields. As a result, the US dollar closely followed the movements in the US bond market and concluded the week on a high note.
There is a possibility that XAUUSD may retreat below $1,900 per ounce. On the other hand, it could also surpass new levels and reach above $2,000 per ounce. If this were to happen, it might instill confidence in traders, encouraging them to push prices even higher, potentially reaching $2,050 per ounce.
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