Gold (XAU/USD) hit fresh three-month highs at $1798 on Monday, beginning the week on a solid footing. In Tuesday’s trading thus far, gold has eased off the multi-month highs, consolidating the recent upsurge heading into a fresh batch of folks economic data. within the view of FXStreet’s Dhwani Mehta, XAU/USD looks north amid a possible bull flag and lower yields.
See – Gold Price Analysis: XAU/USD to ascertain selling pressure on risk-on return – OCBC
All eyes on the US economic data for fresh cues on the dollar and gold
“The US ISM-NY Business Conditions Index, Factory Orders, and Trade data will offer fresh hints on the economy, which can have a robust pertaining to gold prices. within the meantime, Fed Chair Powell’s comments and US dollar bounce keep the metal on the defensive, although weaker yields will likely remain supportive of the recent uptrend.”
“Gold has carved out a classic bull flag on the hourly chart after Monday’s rally that followed a quick consolidation in Tuesday’s Asian trading.”
“The Relative Strength Index (RSI) has turned south but remains well above the midline, keeping the upbeat momentum intact.”
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