XAUUSD: The Power of the Bears!
Gold Price Forecast: XAU/USD bears stay hopeful amid hardships for US debt ceiling deal
The price of gold, denoted by XAU/USD, has been fluctuating near the daily low of $1,940 with a zigzag pattern. Despite minor losses, bears seem to be in control during the mid-Asia session on Tuesday. This can be attributed to the market's inclination towards safe investments, which has strengthened the US Dollar. However, the recent optimism in the bond markets, following the agreement of US policymakers to extend the debt ceiling and avoid default, has provided some support to the price of gold. Nonetheless, the XAU/USD bears are currently dominating the market due to the uncertain sentiment and cautious approach towards upcoming data/events.
The price of gold, denoted by XAU/USD, has been fluctuating near the daily low of $1,940 with a zigzag pattern. Despite minor losses, bears seem to be in control during the mid-Asia session on Tuesday. This can be attributed to the market's inclination towards safe investments, which has strengthened the US Dollar. However, the recent optimism in the bond markets, following the agreement of US policymakers to extend the debt ceiling and avoid default, has provided some support to the price of gold. Nonetheless, the XAU/USD bears are currently dominating the market due to the uncertain sentiment and cautious approach towards upcoming data/events.
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