XAU/USD technical overview.


Junior member
37 1
From a technical perspective, acceptance above the 100/200-day SMAs confluence favours bullish traders and supports prospects for additional gains. That said, Friday's intraday pullback from six-week tops warrants some caution for bullish traders. This further makes it prudent to wait for a strong follow-through selling before positioning for any further appreciating move amid absent relevant market-moving economic releases on the first day of the week.

Previous update: Gold trades with gains on Monday, extending the previous week’s upside momentum. The US benchmark 10-year Treasury yields trade below 1.65%, with 0.78% losses, enhancing non-yielding bullion’s appeal.
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