💡 XAUUSD: 2000 retest attempt
➡️ In the last trading session, buyers made an effort to retest the peak slightly above 2000. Unfortunately, they couldn't surpass this resistance level, leading to a sharp price retreat. Despite these developments, there are no discernible new signals to capitalize on at the moment. Our strategy remains cautious as we refrain from taking impulsive actions and instead opt to observe the market dynamics.
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Gold's neutral outlook comes as prices cannot hold gains above $2,000/ounce. Roberts noted that the gold market is in a positive macro mode and is growing; however, there is no strong buy signal. He described the price action as “moving higher.”
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In an interview with Kitco News, Huw Roberts, head of analysis at Quant Insight, said that gold and silver are near fair value in the current environment. According to QI's short-term model, the fair value of gold is about $2,004/ounce; At the same time, its long-term valuation is around $1,968 per ounce.
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The US Dollar Index has risen to a daily high and that is limiting some gold buying demand, said senior analyst Jim Wyckoff at Kitco Metals.
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