Gold price (XAU/USD) is eyeing a weekly settlement above the psychological resistance of $2,000.00. The precious metal is likely to attempt a close above $2,000.00 for the third time on a daily basis this week as strength in the yellow metal is backed by multiple factors. From the overall weak US Dollar Index (DXY) to the potential banking crisis, and consideration of policy-tightening termination from the Federal Reserve (Fed), the Bank of England (BoE), and the Reserve Bank of Australia (RBA), all economic indicators are fueling strength in the Gold bulls.
S&P500 futures are trying to settle their feet after a few volatile sessions as US Treasury Secretary Janet Yellen has stated that the government is ‘prepared for additional deposits actions if warranted’. Widening insurance blanket for deposits has infused some confidence among market participants. The attempted recovery by the US Dollar Index (DXY) is the only factor, which is barricading the Gold price from the continuation of its upside journey.
Meanwhile, US Treasury yields have been battered after signals of pausing the rate-hike cycle by the Federal Reserve (Fed). Softer US treasury yields have improved the appeal for Gold as safe-haven.
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