Hello everyone!
The price of gold is trading below $2000, currently at $1998 at the time of writing this article. However, the market's reaction is still weak as it awaits news that will come in on Wednesday.
The situation in the Middle East has not improved, leading to increased interest in gold. However, traders are being cautious in their transactions in light of the news and reports. Therefore, any further decline is likely to find support near the important resistance-turned-support level of $1986-1985.
A convincing breakthrough could push XAU/USD further towards the intermediate support level of $1964 on its way to last week's low around the $1954-1953 area.
The geopolitical situation is complex, with a lot of news ahead. The DXY is currently consolidating.
The price of gold is trading below $2000, currently at $1998 at the time of writing this article. However, the market's reaction is still weak as it awaits news that will come in on Wednesday.
The situation in the Middle East has not improved, leading to increased interest in gold. However, traders are being cautious in their transactions in light of the news and reports. Therefore, any further decline is likely to find support near the important resistance-turned-support level of $1986-1985.
A convincing breakthrough could push XAU/USD further towards the intermediate support level of $1964 on its way to last week's low around the $1954-1953 area.
The geopolitical situation is complex, with a lot of news ahead. The DXY is currently consolidating.
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The US Dollar Index (DXY) opened this morning at 106.67 points.
