Thursday’s uptick in gold prices was in tandem with a small increase in open interest, which is suggestive that further gains could still be in store in the very near term. Against that, the next resistance level is expected at the June peaks just above the $1980 mark per troy ounce.
However, Gold price struggled to capitalize on the broad USD weakness and registered small gains on Thursday. XAU/USD stays on the back foot early Friday and retreats toward $1,950. Following this week's sharp decline, the 10-year US Treasury bond yield is up nearly 1% on the day near 3.8% in the European morning, making it difficult for the pair to hold its ground.
Let's get out of this sticky situation for a good weekend ahead! :P
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