Gold fails to assert itself above $ 1760 and sets new daily lows

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  • The dollar regains strength after US data.
  • Stock markets extend advance, limiting fall in gold.
  • XAU / USD continues to show problems extending the recovery beyond $ 1760.

The Gold reversed the intraday trend and fell rapidly from two-day highs to $ 1,751, reaching a new low for the day. The move came on the back of better-than-expected US jobless claims data.

Unemployment benefit claims data helped improve expectations for non-farm payroll numbers to be released on Friday. This boosted Treasury yields. The 10-year benchmark rate climbed to 1.55%.

The decline in gold, for the moment, found a limitation in the advance in the equity markets. Wall Street futures point to an open with gains in major indices greater than 1%. This is weakening the dollar and helping to support the XAU / USD.

Should it break below $ 1750 and consolidate, there could be a downward acceleration. On the upside, the metal fails to assert itself above $ 1760; if successful, it could be strengthened to test the next resistance at $ 1770.

Technical levels


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