technical

The XAU/USD pair extended its weekly rally towards the $4,160 region on Wednesday, holding nearby in the American afternoon.

Gold (XAU/USD) delivered a masterclass in volatility in the first half of the year, rising more than 20% in the January-February period before entering a downtrend that saw the precious metal lose nearly 30% from March to the end of the second quarter.

Gold price (XAU/USD) extends its winning streak for the third trading day on Wednesday, trading 1.5% higher to near $4,140 during the Asian session.

The Aussie Dollar’s recovery appears to have met some resistance just above the 0.7000 threshold against the US Dollar so far. Indeed, AUD/USD still struggles to surpass that mark in a convincing fashion, while the constructive outlook appears unchanged above its critical 200-day SMA near 0.6890.

The US Dollar (USD) trades with a firmer tone on Tuesday, but so does Gold. The bright metal is moving away from the $4,000 mark and trades closer to an intraday high of $4,084 than to the psychological threshold.

Gold is building on its recovery from two-week lows of $4,024 reached last Friday, extending the winning streak into a third straight day on Tuesday.