image credit: Unsplash

Gold Prices on the Rise, Confluence Resistance in Sight. What Now for XAU/USD?

February 20, 2024


Gold (XAU/USD) rose for the fourth straight session on Tuesday (+0.50% to $2,027), firmly establishing itself above the $2,025 mark, supported by declining U.S. Treasury yields and a subdued U.S. dollar, with risk-averse sentiment on Wall Street likely reinforcing the metal’s advance.

Factoring in recent gains, XAU/USD has risen more than 2% from last week’s lows near $1,985 set in the wake of hotter-than-anticipated U.S. inflation numbers. Despite this positive performance, the Federal Reserve’s monetary policy trajectory could cap gold’s upside in the near term, so caution is warranted.

Read More on DailyFX