Gold Completes 61.8% Fibonacci Retracement – Quick Update on Buy Signal
The gold price posts its first daily increase in four days, around $1,745 in the early hours of Tuesday morning. As a result, the shiny metal XAU/USD celebrates the wide US dollar decline ahead of the crucial data/events scheduled for publication on Wednesday.
Nonetheless, the US Dollar Index (DXY) falls to 107.55, down 0.25% intraday, and breaks a three-day rally. The greenback’s measure tracks US Treasury yields amid recent challenges to the US Federal Reserve’s (Fed) hawkish concerns.
As of press time, the US 10-year Treasury rates went down for the first time in four days, dropping one basis point to around 3.81%. This was the first time in four weeks that rates went down.
Besides, Loretta Mester, President of the Federal Reserve Bank of Cleveland, stated in a CNBC interview, “I think we can slow down from 75 in the December meeting.”
Gold Technical Outlook
Gold managed to break and hold below the $1,746.40 level, reinforcing expectations that the bearish trend would continue throughout the day. It clears the way for our next negative target at 1721.65, which would keep the bearish trend scenario dominant if the price remained below $1,746.
Today’s trading range is expected to be between $1,720 at support and $1,760 at resistance.
Today’s expected trend: Bearish
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