fundamental News - XAUUSD

Gold prices rose on Monday, hovering near a seven-week peak hit in the previous session, as a softer dollar and a retreat in U.S. Treasury yields lifted demand for the safe-haven metal.

Gold futures ended higher on Friday for a second straight day, with bullion posting the sharpest weekly percentage rise of the year.

The precious metal benefitted from falling benchmark bond yields receding for the week, a decline in the U.S. dollar DXY and a pullback in bitcoin BTCUSD one of the assets seen competing against safe haven gold.

Also Gold continues to derive strength from worsening coronavirus conditions in Europe.

Should Treasury yields continue to retreat and the dollar extends losses in the week ahead, this could push gold prices towards the $1,800 level.

June gold GCM21, -0.17% GC00, -0.18% rose $13.40, or 0.8%, to settle at $1,780.20 an ounce on Comex, following a 1.8% gain on Thursday.

For the week, gold saw a weekly rise of about 2%, for its biggest weekly advance since the period ended Dec. 18, 2020, according to Dow Jones Market Data.

Technical analysis
After making a 61.8% Fibonacci retracement of the prior daily correction's rage, the price has developed an overextended W-formation on the daily chart.

The price may be testing the daily 50-SMA and a correction in the week ahead could be possible.



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