Amid the tumultuous geopolitical landscape, gold has continued to demonstrate its strength as a steadfast safe-haven asset. The ongoing Israeli confrontation with Hamas has had a rippling effect on global markets, fostering apprehension and uncertainty all around. In trying times such as these, the financial world often leans towards the traditional reliability of gold. The golden metal is currently experiencing an uptrend, trading close to the sought after $1,850 mark.
This bullish inclination towards gold isn’t all triggered by military tensions though. The economy too has had a hand to play. Despite the mass exodus towards gold, the US Dollar showed resilience in light of the recent increase of 336,000 jobs in September, overshooting prior market projections. This encouraging data, combined with expectations of sustained higher interest rates by the Federal Reserve, has resulted in an upwards rebound of US Treasury yields.
In the middle of this gold rally, the leading 1:1 gold token, XAUT, has prospered. Currently trading at a market crypto price of $1858, it reflects a 24-hour change of -0.26%, with a +$2.19 premium over the gold spot price. Looking ahead, if it successfully surmounts the 20-day moving average (DMA) barrier, it might even eye the $1,900 mark. However, should resistance prevail, XAUT could potentially slide to the lower support at $1,850. Nonetheless, the relative strength index (RSI) and moving average convergence divergence (MACD) indicators suggest a bullish sentiment for XAUT.
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