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The price of gold is rising after a slight previous decline and remains near the high of the last two weeks. This trend is attributed to the weakness of the US dollar, influenced by a new decrease in US Treasury bond yields. Additionally, geopolitical tensions in the Middle East continue to support demand for the metal as a haven.
AUDUSD may be facing a reversal of the bullish trend from the last quarter of 2023, with the breakdown of the December and January support at 0.6525, leaving resistance at 0.6624. The current correction may still extend towards the high volume node around 0.6565, to resume sales towards one of the high volume nodes of November at 0.6430 and the round level 0.64. This scenario will be active as long as the retracement does not break above 0.66 and the resistance at 0.6624. The RSI positioned in negative territory confirms a bearish momentum for the pair.
Gold prices experienced a brief uptick due to escalating geopolitical tensions. Recent conflicts, such as the drone attack on US bases near Jordan, have increased demand for gold as a haven asset. Additionally, economic factors like the moderate increase in US Core Personal Consumption Expenditures (PCE) data have influenced inflation expectations, further supporting gold's position. This week, gold market volatility could escalate with the Federal Reserve's interest rate decision, expected to remain steady in the 5.25-5.50% range. However, investors will watch for any new guidance o...
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