The XAU/USD Index has advanced by 0.09% as the last trading week of the year kicks in. The market sentiment is mixed, as a result of Omicron fears and transmissibility, despite being less dull.
The weekly chart depicts a neutral bias, though a descending triangle has formed, threatening of pushing prices towards $1,5060s.
Gold versus the US dollar slightly advances during the New York session, trading at $1,809.01, and thin liquidity conditions kept the market sentiment fluctuating between gainers and losers to conclude; the precious metal managed to rise despite broad US dollar strength
The US 10-year Treasury yield is flat, clinging to the 1.484% threshold, a tailwind for the non-yielding metal vs. the US dollar. At the same time, the US Dollar Index, which tracks the American currency’s value against a basket of its rivals, climbs some 0.15%, up to 96.17, staying above the 96.00 figure for the second consecutive week.
In the meantime, US Real-yields as of December 23 sit at -1.47%, flat following the footsteps of the US 10-year T-bond yield.
In the overnight session, the yellow-metal remained subdued in a $1,802-$1,812.40 narrow-range, at the lack of a catalyst, as the financial markets enter the last week of the year. Depicted by the 1-hour chart, XAU/USD’s downward move was capped by the double-zero psychological level and the 50-hour simple moving average (SMA), which lies around $1,807, pushing the non-yielding metal to current price levels.
Tags gold prices liquidity transmissibility Treasury Yields us dollar
Check Also
Bitcoin Faces Continued Pressure Amid Fed’s Hawkish Stance
Bitcoin traded marginally lower on Monday, reflecting ongoing caution among investors as macroeconomic uncertainties and …