{"id":20213,"date":"2023-06-05T07:09:26","date_gmt":"2023-06-05T07:09:26","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=20213"},"modified":"2023-06-05T07:09:26","modified_gmt":"2023-06-05T07:09:26","slug":"xau-usd-bears-approach-1930-support-on-upbeat-us-dollar","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/xau-usd-bears-approach-1930-support-on-upbeat-us-dollar\/","title":{"rendered":"XAU\/USD bears approach $1,930 support on upbeat US Dollar"},"content":{"rendered":"

XAU\/USD bears approach $1,930 support on upbeat US Dollar<\/h1>\n

Gold Price (XAU\/USD) stays on the bear\u2019s radar for the second consecutive day as the precious metal renews intraday low near $1,945, extending the post-NFP losses amid to early Monday amid firmer US Dollar and the Treasury bond yields.<\/p>\n

That said, the US Dollar Index<\/strong><\/a> (DXY) prints mild gains around 104.12 as it keeps the previous day\u2019s recovery from a one-week low amid Monday\u2019s sluggish Asian session. In doing so, the greenback\u2019s gauge versus the six major currencies cheers the market\u2019s fears of higher Federal Reserve (Fed) rates and the US-China tension, not to forget the fresh war headlines surrounding Russia and Ukraine.<\/p>\n

Apart from that, an increase in the odds supporting June\u2019s 0.25% Fed rate hike and a reduction in the market\u2019s bets of a Fed rate cut in 2023 also seem to favor the US Dollar and yields, which in turn exerts downside pressure on the Gold price amid a sluggish start to the week. It\u2019s worth noting that Friday\u2019s Nonfarm Payrolls<\/strong><\/a> (NFP) surprised markets with a strong outcome and renewed hawkish concerns about the US central bank. That said, the US-China tension about Taiwan joins the headlines suggesting a heavy battle between Russia and Ukraine also weighs on the sentiment and allows the DXY to remain firmer, which in turn favors the Gold sellers.<\/p>\n

Alternatively, recently firmer China PMIs and doubts about the Fed\u2019s capacity to keep the rates higher for longer challenge the Gold bears.<\/p>\n

Amid these plays, the US 10-year and two-year Treasury bond yields recover after snapping a three-week uptrend by the end of the last Friday. That said, the S&P500 Futures also portray the risk-off mood by mild losses as it retreats from the highest levels since August 2022.<\/p>\n

Gold Price Technical analysis<\/strong>
\nGold price justifies the downside break of a short-term bullish channel, as well as the 200-SMA, as it approaches the yearly low marked in May at around $1,932. Adding strength to the downside bias are the bearish MACD signals.<\/p>\n

It\u2019s worth noting, however, that the RSI (14) line is in the oversold territory, which in turn suggests limited downside room for the XAU\/USD past $1,932.<\/p>\n

The same highlights the 61.8% Fibonacci Expansion (FE) of the Gold Price moves between May 10 to June 01, around $1910, as the key support to watch afterward.<\/p>\n

Meanwhile, the Gold price recovery may initially aim for the 200-SMA hurdle of around $1,960 before challenging the bottom line of an ascending trend channel stretched from the last Tuesday, close to $1,970 at the latest.<\/p>\n","protected":false},"excerpt":{"rendered":"

XAU\/USD bears approach $1,930 support on upbeat US Dollar Gold Price (XAU\/USD) stays on the bear\u2019s radar for the second consecutive day as the precious metal renews intraday low near $1,945, extending the post-NFP losses amid to early Monday amid firmer US Dollar and the Treasury bond yields. That said, the US Dollar Index (DXY)<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":20214,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[20,182,19,407,404,30,22,242,295,355,201],"yoast_head":"\r\nXAU\/USD bears approach $1,930 support on upbeat US Dollar<\/title>\r\n<meta name=\"description\" content=\"Gold Price (XAU\/USD) stays on the bear\u2019s radar for the second consecutive day as the precious metal renews intraday low near $1,945, extending the post-NFP\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/MU\/xau-usd-bears-approach-1930-support-on-upbeat-us-dollar\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"XAU\/USD bears approach $1,930 support on upbeat US Dollar\" \/>\r\n<meta property=\"og:description\" content=\"Gold Price 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