The price of gold (XAU/USD) saw an increase to approximately $2180 after hitting a record high at the start of the new week, buoyed by a weaker US Dollar (USD) and declining US Treasury yields, which provided some support for gold prices. Additionally, growing expectations for the Federal Reserve's (Fed) first interest rate cut in its June meeting have also bolstered demand for gold.
However, this week is particularly sensitive as gold faces profit-taking pressures following rapid price increases. An adjustment in price and the search for stronger momentum are necessary before the upward trend can resume with reinforced strength.
However, this week is particularly sensitive as gold faces profit-taking pressures following rapid price increases. An adjustment in price and the search for stronger momentum are necessary before the upward trend can resume with reinforced strength.
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