XAUUSD

Spot gold is maintaining a sideways movement with limited action due to low-volume markets at the year's end. The decline in Asian markets starting the week and losses in U.S. stocks could exert pressure on gold prices. While the dollar index remains steady, the rise in U.S. 10-year bond yields supports the expectation that the Fed will be more cautious about rate cuts. This could increase the safe haven demand for spot gold.

On the chart, spot gold is fluctuating between the levels of 2620 – 2633, which is viewed as a consolidation zone. A sustained move above the 2633 resistance may initiate an upward momentum, bringing 2640 and 2650 levels into focus. However, closings below the 2620 support could increase the potential for prices to retrace towards the 2612 and 2605 levels. The RSI indicator is at the 56 level, showing a positive trend. There is a limited rise of 0.05% compared to the previous day.