Gold Recovers Slightly from 5-Month Lows Amid Dollar and Yield R
Gold managed a slight recovery from its 5-month lows on Friday, benefiting from a minor retreat in both the U.S. dollar and bond yields. However, bullion was still on track for its fourth consecutive weekly decline due to concerns over the Federal Reserve's potential decision to maintain higher interest rates for an extended period.
At 0358 GMT, spot gold gained 0.2%, reaching $1,892.02 per ounce, following its recent drop to levels not seen since mid-March. Meanwhile, U.S. gold futures experienced a 0.4% increase, reaching $1,921.90.
According to Tim Waterer, Chief Market Analyst at KCM Trade, the recent easing of the U.S. dollar from its recent highs has allowed gold to make a modest recovery. He suggested that some bargain hunting might be taking place for the precious metal at these price levels.
XAUUSD
SELL LIMIT 1896 -1898🕯
🔼TP1: 1893
🔼TP2: 1890
⚠️ SL: 1903
At 0358 GMT, spot gold gained 0.2%, reaching $1,892.02 per ounce, following its recent drop to levels not seen since mid-March. Meanwhile, U.S. gold futures experienced a 0.4% increase, reaching $1,921.90.
According to Tim Waterer, Chief Market Analyst at KCM Trade, the recent easing of the U.S. dollar from its recent highs has allowed gold to make a modest recovery. He suggested that some bargain hunting might be taking place for the precious metal at these price levels.
XAUUSD
SELL LIMIT 1896 -1898🕯 🔼TP1: 1893
🔼TP2: 1890
⚠️ SL: 1903
