FX.co ★ XAU/USD (GOLD)

XAU/USD Despite the USD's continued gain, stocks are holding steady. The DXY is once more getting close to the 102 resistance zone after opening higher in the European session. A break above this level would indicate that there is more room for the present USD trend to continue. The 1.4200 zone remains a critical milestone to monitor as the USD/CAD pair exhibits signs of weakness and may enter a correction. While the Japanese yen is seeing some regained strength, metals are declining. The dollar's primary technical area is at the 102 level on DXY. USD strength may increase as the market searches for the next technical target if resistance is broken. Instead, following the recent increase, some profit-taking may result from a failure to break. When the Canadian dollar begins to strengthen, keep an eye on the USD/CAD pair. The decline may be strengthened, and some of the recent USD gains versus CAD may be unwound if the price moves below the 1.4200 zone. Oil is weak, commodities are down, JPY is weak, USD is strong, and cryptocurrency is correcting. This week's important news is the US FOMC meeting minutes from Wednesday, the 7th, at 20:00 CET. Employment Rate and Unemployment Change, Friday, 09th, 14:30 CET CA.

Gold is struggling at $4,150 on Wednesday, erasing the recent Asian rally. Before the FOMC minutes, the US dollar rises in tandem with oil prices and US Treasury yields. Technically speaking, gold is still a "sell-on-bounce" bet in the short term.