Gold price reached a fresh record high of $2,589.50 a troy ounce on Monday, retreating just modestly from the level and now trading at around $2,582.00 in the American session.
XAU/USD Current price: $2,582.67 Investors await the Fed eral Reserve announcement and the first rate cut in four years. Treasury bond yields fell towards fresh yearly lows, weighing on the US Dollar. XAU/USD retreated modestly from record highs,retains its bullish potential. XAU/USD surged during Asian trading hours, helped by a resurgent Japanese Yen , which put pressure on the US Dollar against all major rivals.
The 10-year note currently offers 3.63%, while the 2-year note yields 3.55%, its lowest in two years. XAU/USD short-term technical outlook The XAU/USD pair holds on to modest intraday gains, and technical readings in the daily chart show the risk skews to the upside, although the momentum receded. The pair finally detached from a bullish 20 Simple Moving Average , currently at around $2,517.
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