The US dollar index kicked off the week on strong footing, eclipsing last Wednesday’s high at 93.80. Price, however, came within striking distance of the 94.00 handle and Tuesday’s high at 94.01, before rotating to 93.60ish levels into US hours.
XAU/USD bulls continue to reign supreme last week, adding more than $74 and stamping out fresh all-time peaks at 1983.1.
With the yellow metal navigating unchartered territory at the moment, this remains a buyers’ market. In the event a pullback occurs this week, traders will likely be eyeballing 1921.0, the all-time peak formed in September 2011, as possible support.