XAUUSD - The "bulls" reduce positions in the asset
The situation on the gold market is still ambiguous: historically, the precious metal has always been a refuge in case of geopolitical tensions, but at the moment, its quotes are under pressure from high interest rates and, as a result, a growing dollar. The hawkish monetary policy provokes an increase in government bonds yield, which are more reliable than gold, and high rates (4% on 10-year bonds) additionally attract investor capital into bonds. Also, since the price of gold is denominated in dollars, the latter's growth will always make the metal cheaper, which is now observed.
On the daily chart of the asset, the price is moving in a downward channel, approaching the support line.
Resistance levels: 1672, 1730 | Support levels: 1620, 1570