Product: XAU/USD
Prediction: Increase
Fundamental Analysis:
The US Dollar (USD) attracts some buyers and reverses a part of the previous day's heavy losses to a nearly four-month low in the wake of a modest uptick in the US Treasury bond yields. This, along with the prevalent strong bullish sentiment across the global equity markets, could act as a headwind for the safe-haven Gold price. The near-term bias, however, seems tilted firmly in favor of bullish traders.
Technical Analysis:
The daily chart shows gold nearing the top of its recent multi-month range with the move supported by the 20- and 50-day simple moving averages. The CCI indicator suggests that gold is overbought, so a short period of consolidation may be seen before fresh highs are made.
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