XAU/USD continues its uptrend at 2070 USD
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In general, XAUUSD continues to trade in an upward channel. It is currently trading around the $2181 level, after reaching $2195, marking a 0.1% decline for the day. So, what are the reasons and factors driving XAU/USD?
In terms of influencing factors, the XAUUSD market is increasingly speculating that the Fed will begin cutting interest rates in June, supported by a sharp increase in US unemployment rate in February, reaching its highest level in two years. This contributes to the bullish trend of USD and acts as a tailwind for Gold prices. Additionally, a more relaxed risk sentiment, geopolitical tensions, and concerns about global economic recession will help limit the downside of the safe-haven precious metal. Conversely, this suggests that the path of least resistance for XAU/USD is upwards and any significant downward correction can still be seen as an opportunity for bullish traders.
Regarding the new prospects for XAUUSD: On the 1-hour chart, XAUUSD is currently receiving strong support around the breakout level of $2170. Breaking below this level will lead to a significant price decline, while maintaining this level will lead to further increases. It is expected that the price will continue to recover after the correction phase and reach the lower limit of the upward channel and retest the EMA 34, 89 levels.
In general, XAUUSD continues to trade in an upward channel. It is currently trading around the $2181 level, after reaching $2195, marking a 0.1% decline for the day. So, what are the reasons and factors driving XAU/USD?
In terms of influencing factors, the XAUUSD market is increasingly speculating that the Fed will begin cutting interest rates in June, supported by a sharp increase in US unemployment rate in February, reaching its highest level in two years. This contributes to the bullish trend of USD and acts as a tailwind for Gold prices. Additionally, a more relaxed risk sentiment, geopolitical tensions, and concerns about global economic recession will help limit the downside of the safe-haven precious metal. Conversely, this suggests that the path of least resistance for XAU/USD is upwards and any significant downward correction can still be seen as an opportunity for bullish traders.
Regarding the new prospects for XAUUSD: On the 1-hour chart, XAUUSD is currently receiving strong support around the breakout level of $2170. Breaking below this level will lead to a significant price decline, while maintaining this level will lead to further increases. It is expected that the price will continue to recover after the correction phase and reach the lower limit of the upward channel and retest the EMA 34, 89 levels.
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