Spot Gold accelerated its slump after losing the $1,900 mark, as the US Dollar soared in a risk-averse environment. XAU/USD trade below $1,880 at lev
els last seen in March this year as financial markets monitor United States developments. The country is on the brink of a federal shutdown after House Republicans rejected a bipartisan bill advancing in the Senate. If Congress disagrees on funding, millions of federal employees will be furloughed starting next Saturday.
Meanwhile, stock markets extend their bearish routes amid concerns central banks will maintain rates higher for longer, which increases the risks of economic downturns. Government bond yields soared, with the 10-year Treasury note yielding as much as 4.59%, its highest in over fifteen years. The 2-year note, in the meantime, offers 5.11%, not far from the multi-year peak of 5.
In the near term, and according to the 4-hour chart, XAU/USD is extremely oversold yet without signs of changing course. Technical indicators head south at extreme levels, with the Relative Strength Index indicator currently at 15. At the same time, Gold develops roughly $35 below a sharply bearish 20 SMA, which dips below also bearish longer ones.
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