XAU price has increased sharply again thanks to cadastral instab
Gold prices rallied above resistance at $2,040/oz during US trading yesterday. Geopolitical tensions have been the main reason for the rise in gold prices this week, following developments in the Middle East. The Red Sea has become a hotbed of instability, and this situation is likely to continue to escalate. Therefore, unless the protracted Middle East war is resolved soon, the bullish momentum in gold prices will continue.
A weaker US dollar is also contributing to the rise in gold prices. Fed policymakers struck a dovish tone this week, with most of their speeches focused on the number of rate cuts needed in 2024, although Barkin, the Fed's top official, expressed little disagreement because he believed inflation would persist. There wasn't.
US Treasury yields also continued to face challenges today as both the 2-year and 10-year fell, which also supported gold prices.
A weaker US dollar is also contributing to the rise in gold prices. Fed policymakers struck a dovish tone this week, with most of their speeches focused on the number of rate cuts needed in 2024, although Barkin, the Fed's top official, expressed little disagreement because he believed inflation would persist. There wasn't.
US Treasury yields also continued to face challenges today as both the 2-year and 10-year fell, which also supported gold prices.
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TP1: 2040
TP2: 2050
SL: 2015