Gold Edges Up in Asian Trade Amid Technical Rebound and Weaker..

Gold is experiencing a slight increase in the early trading hours of the Asian market, which appears to be a probable technical recovery. On Thursday, gold futures recorded their ninth successive session of decreases, marking the lengthiest sequence of daily losses since 2017. The diminished strength of the US dollar, a factor that traditionally enhances the appeal of USD-denominated gold to holders of alternative currencies, might also be contributing to the positive performance of this valuable metal. Currently, spot gold shows a 0.1% rise, reaching $1,890.81 per ounce.


XAUUSD BUY LIMIT 1891-1892💯

✅ TP1: 1900
✅ TP2: 1905

🛑 SL: 1886

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Gold inched higher from its lowest point in 5 months on Friday, benefitting from a slight retreat in the U.S. dollar and bond yields from their recent highs. However, gold was on track for its fourth consecutive weekly decrease due to concerns that the Federal Reserve might maintain higher interest rates for an extended period.

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Spot gold, indicating the current market price for gold, increased by 0.2% to reach $1,892.02 per ounce as of 0358 GMT. This rise follows a period where it had touched its lowest value since mid-March the previous day. Concurrently, U.S. gold futures also experienced a 0.4% upturn, reaching $1,921.90.

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"As the U.S. dollar retreats from its recent peaks, gold has managed a slight upward shift. It's probable that there's some opportunistic buying occurring for this valuable metal at these price levels," commented Tim Waterer, Chief Market Analyst at KCM Trade.

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"At some juncture, a downward shift in the dollar will be necessary for gold to regain its momentum," remarked Waterer. He further explained that the duration during which gold remains within the sub $1,900 range will be contingent upon the duration of the dollar's strength, which is currently supported by elevated bond yields.