- Gold speeds up in the American session.
- XAU/USD is targeting the $1870 zone, a major resistance.
- US data without great impact.
Gold accelerated the bull run during the American session and is at new daily highs in the $1865 zone, with the bullish momentum intact. The boost comes from a weak dollar and stable Treasury yields.
Metals are rising strongly for the second day in a row, rebounding from weekly lows. The strong rebound has seen both gold and silver recovering to key levels. If sustained, they could point to more gains in the short term.
The dollar is falling on Thursday giving support to gold. DXY falls 0.43% and erases much of Wednesday’s gain. The yield on the 10-year Treasury bond is at 2.90%, with a modest drop, and it also serves gold.
The market was not affected by the US economic data. ADP employment report showed job creation below expectations.
Close to $1870
The rally in gold brought the price close to the $1872 zone, which is a key area. Should it manage to break and firm above, the yellow metal would be ready for a bullish extension. The next strong resistance is seen at $1890.
Technical levels
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
