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GOLD Price Bounces Back Above $1985 Waiting FOMC Meeting Minutes

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Gold Price Bounces Back Above $1,985 on Weaker USD and Anticipation of FOMC Meeting Minutes

Gold price (XAU/USD) has rebounded, gaining ground around $1,980 during the early Asian trading hours on Tuesday. The weakening US Dollar (USD) and lower US Treasury yields are contributing to the upward movement of the USD-denominated gold.

The US Dollar Index (DXY) is down to 103.44, marking its lowest level since late August. The decline in the USD is partly attributed to lower US Treasury yields, with the 10-year yields consolidating around 4.42%.

While the day is relatively quiet in terms of US economic data, traders are eagerly awaiting the Federal Open Market Committee (FOMC) Meeting Minutes scheduled for Tuesday. This release is expected to provide insights into future policy rate directions and improvements in inflation. The outcome of the FOMC Meeting Minutes may influence gold prices and contribute to market volatility.

From a technical perspective, gold experienced a rebound yesterday, precisely as predicted, finding support at the 61.8% Fibonacci level. Today, the price is showing a potential bearish bias after forming a possible Double Top pattern. In our analysis, we anticipate a small retracement before the potential initiation of a new bullish impulse, with a target surpassing $2,000. Traders are advised to monitor these technical cues for potential trading opportunities as the day unfolds.