Gold Prices Surge, Benefitting From Market Sentiment

The XAU/USD recovered as the New York session winds down, up by 0.86% and recording a break above USD1,792 that could push gold towards USD 1,800 and even beyond. Gold climbs as the New York session winds down. The precious metal is trading at USD 1,784.

The market sentiment was relaxed throughout the American session, with US shares ending the day in the red territory, losing between 0.17% and 2.54%. In the bond market, US bond yields, fell leading by 2s down two and a half basis points, settling at 0.593%, and 10s losing nine basis points at 1.358%.

Gold’s daily chart shows that Friday’s price action is forming a bullish engulfing candle pattern, with an upside implication; nevertheless, a daily close above USD1,780 is necessary to confirm its validity.