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Gold Price Forecast: XAU/USD eases toward $2,310 amid a better market mood

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Spot Gold retreated from the $2,330 price zone and trades in the red on Tuesday, although still confined to familiar levels.

XAU/USD Current price: $2,313.24 Substantial gains among European indexes weigh on safe-haven demand. Treasury yields retreated further from recent multi-month highs, weighing on the USD. XAU/USD trades with a softer tone, but absent USD demand limits the downside. The slide can be attributed to a better market mood, as European indexes closed with substantial gains.

43%, down 5 basis points on the day, while the 2-year note yields 4.80%, down 1 bps and further away from its recent peak above 5%. XAU/USD short-term technical outlook Technically, the daily chart for XAU/USD shows it keeps meeting sellers around a Fibonacci level, the 23.6% retracement of the April/May rally at $2,326.50. The next Fibonacci level and critical support comes at $2,260.80, a potential bearish target should Gold finally lose the $2,300 mark.

 

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