Market Update 11/22/2022

• Gold price picks up bids to snap four-day downtrend inside bearish chart pattern.
• US Dollar traces downbeat Treasury yields after mixed Fedspeak, softer US data.
• China’s daily Covid cases jump to seven-month high, chatters over Beijing’s XAU/USD buying also underpin recovery.
Gold price (XAU/USD) prints the first daily gains in four around $1,745 during early Tuesday morning. In doing so, the bright metal cheers the broad US Dollar retreat amid a likely sluggish day ahead of the key data/events scheduled for publishing on Wednesday.

That said, the US Dollar Index (DXY) drops to 107.55, down 0.25% intraday while snapping a three-day uptrend. The greenback’s gauge traces the US Treasury yields amid recent challenges to the hawkish concerns surrounding the US Federal Reserve (Fed).