A better market mood weighs on safety demand at the beginning of the week, resulting in XAU/USD trading with a softer tone at around $1,983 a troy ounce.
XAU/USD Current price: $1,983.73 Market players are optimistic, the tightening cycle is over both shores of the Atlantic. Stock markets extend their Friday’s rallies, although at a moderated pace. XAU/USD turned neutral-to-bearish in the near term, trading above $1,969.80, the monthly low. The slide is contained, as the US Dollar is out of investors’ radar.
Things change in the upcoming one, when several major economies, the US included, will post updates on inflation. XAU/USD short-term technical outlook The daily chart for the XAU/USD pair shows it trimmed its latest gains but holds above the monthly low at $1,969.80. Technical indicators turned south but remain far above their midlines, reflecting the ongoing weakness but falling short of hinting at further slides ahead.
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