Gold prices snaps four-week downtrend amid early March, eyes more upside.
Mixed United States data, cautious optimism surrounding China strengthen XAU/USD upside moves.
Equities closed positive, US Treasury bond yields retreat from multi-month high to favor Gold buyers.
Federal Reserve Chairman Jerome Powell’s bi-annual Testimony, US jobs report appears the key for XAU/USD traders for fresh impulse.
Gold price (XAU/USD) began March on a front foot, by posting the first positive weekly close in five. The XAU/USD bulls keep the reins during the early hour of Monday’s Asian session, despite retreating from the highest levels in two weeks to around $1,857.
That said, the broad US Dollar weakness, amid a pullback in the United States Treasury bond yields, mixed United States data and the market’s cautious optimism, appears the key catalyst behind the Gold price run-up. The recent pause in the bull-run could be linked to the market’s cautious mood ahead of the top-tier event, namely Federal Reserve (Fed) Chairman Jerome Powell’s half-yearly Testimony and the US employment report for February.
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