FX.co ★ king.zelda | XAU/USD, GOLD

Hello traders, The XAU/USD pair moving into a sideways trend once again indicates the instability of the situation. Conflicting sentiments are tearing the market apart, fueled by the ambiguous yield of US Treasury bonds and the ongoing uncertainty in the geopolitical landscape of the Middle East conflict, which is influencing an increase in demand for the dollar. Central banks' position remains stable for now, as they sensibly continue to fill their coffers with precious metals. However, investors are increasingly turning towards oil, shifting their assets into it. The question of whether oil will become a new safe asset is being raised more frequently, with a growing number of players giving a positive answer to this question. As for the technical analysis, it is more specific. The pair is developing a downtrend and is currently subject to a correction. Although there will certainly be long-term traders who interpret this as a correction within a global uptrend. Therefore, it is important to capture trends of a local nature for now. The likelihood of the price returning to the level of 4687.50 (Murray 7.8) is approximately the same as the breakthrough of the support level at 4375.00 (Murray 6.8) and a new attempt by the bears to reach the level of 4062.50 (Murray 5.8).