🚨 Gold Alert: XAUUSD experienced a sharp intraday reversal yesterday. Gold dropped to around $4,292 before recovering to the current $4,345–$4,358/oz zone, marking nearly a $65 recovery from the low.
Short-term direction is turning recovery/bullish again. The important $4,300 level was briefly broken but quickly reclaimed, with price now back above $4,350. So, the $4,300 breakdown currently appears to be a failed breakdown.
Today, as oil prices retreated, U.S. Treasury yields also eased somewhat, providing support for Gold’s rebound. However, the Fed’s higher-for-longer outlook remains a potential headwind for further upside.
Short-term direction is turning recovery/bullish again. The important $4,300 level was briefly broken but quickly reclaimed, with price now back above $4,350. So, the $4,300 breakdown currently appears to be a failed breakdown.
Today, as oil prices retreated, U.S. Treasury yields also eased somewhat, providing support for Gold’s rebound. However, the Fed’s higher-for-longer outlook remains a potential headwind for further upside.