Gold Rallies Past 200-Day Moving Average as US Dollar Weakens

The gold price continued its rally on the day, surpassing the 200-day moving average as the US dollar weakened.

A strong services data print could have potentially reversed the trend, but buyers held their ground and maintained gains throughout the session.

The bond market's shift in favor of gold was a key factor, with one firm data point not enough to alter the direction.

The risk remains that rate expectations could change, potentially reversing the rally if there is a hot inflation number or another increase in long-dated yields.