Gold price (XAU/USD) retreats after touching a nearly three-week high, around the $2,721-2,722 region during the Asian session on Monday and for now, seems to have snapped a five-day winning streak.
Gold price falls sharply from a three-week high in the wake of the risk-on environment. Bets for slower Fed rate cuts also drive flows away from the non-yielding yellow metal. Retreating US bond yields prompt USD profit-taking and could help limit further losses. Gold price retreats after touching a nearly three-week high, around the $2,721-2,722 region during the Asian session on Monday and for now, seems to have snapped a five-day winning streak.
6% Fibonacci retracement level of the recent strong recovery from a two-month low touched on November 14. The subsequent decline, however, stalls near the 100-period Simple Moving Average , around the $2,660-2,658 region. Meanwhile, oscillators on the daily chart have recovered from the negative zone and are holding in positive territory on the 4-hour chart. This makes it prudent for bearish traders to wait for some follow-through selling below the 100-period SMA and the 38.2% Fibo.
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