Gold Maintains Positive Momentum Near $1,980 USD
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Gold prices put an end to a two-day decline in the early hours of Tuesday's Asian trading session. The lower interest rates on US Treasury bonds weighed on the greenback, boosting the price of gold in USD terms. In a relatively quiet day for US economic data, traders are eagerly awaiting the FOMC meeting minutes on Tuesday. Gold rebounded, surpassing the 20-day Simple Moving Average (SMA) at $1,975 USD. To strengthen the upward momentum, XAU/USD needs to close above $1,975 USD on a daily basis. On the flip side, a consolidation and a daily close below $1,960 USD could indicate a prolonged correction.
Looking at the 4-hour chart, technical indicators are supportive of an upward trend in the Asian trading session. The key resistance level to watch is $1,981 USD. If prices move above that level, the focus will shift to $1,987 USD and then $1,992 USD.
Support Levels: $1,963 $1,954 $1,944
Resistance Levels: $1,981 $1,992 $2,001
Fundamental Overview: Spot gold had dropped to $1,965 USD on Monday, extending the correction from the near $2,000 USD level. However, during the Asian trading session, it recovered, erasing the daily losses and indicating that the risk still leans towards the upside as the US dollar is vulnerable, and Treasury bond yields are lower.
The recovery of over $10 USD from the daily low occurred as the greenback hit a new monthly low against many of its major counterparts. Meanwhile, US bond yields slightly decreased despite the risk appetite. The positive tone in the market did not drive significant gains in Gold or Silver.
On Tuesday, the Federal Reserve will release the latest meeting minutes, which could trigger some bond market actions. Market expectations that the Fed has completed its interest rate hikes are impacting the short-term outlook for the dollar and potentially leading to an increase in gold prices.
Looking at the 4-hour chart, technical indicators are supportive of an upward trend in the Asian trading session. The key resistance level to watch is $1,981 USD. If prices move above that level, the focus will shift to $1,987 USD and then $1,992 USD.
Support Levels: $1,963 $1,954 $1,944
Resistance Levels: $1,981 $1,992 $2,001
Fundamental Overview: Spot gold had dropped to $1,965 USD on Monday, extending the correction from the near $2,000 USD level. However, during the Asian trading session, it recovered, erasing the daily losses and indicating that the risk still leans towards the upside as the US dollar is vulnerable, and Treasury bond yields are lower.
The recovery of over $10 USD from the daily low occurred as the greenback hit a new monthly low against many of its major counterparts. Meanwhile, US bond yields slightly decreased despite the risk appetite. The positive tone in the market did not drive significant gains in Gold or Silver.
On Tuesday, the Federal Reserve will release the latest meeting minutes, which could trigger some bond market actions. Market expectations that the Fed has completed its interest rate hikes are impacting the short-term outlook for the dollar and potentially leading to an increase in gold prices.
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