- Gold tries to end a three-day losing streak.
- Price finds support in the $1760 area.
- After the minutes of the Fed come data on unemployment benefits and home sales.
The Prayed it is rising modestly on Thursday, which serves to end a streak of three consecutive days with losses. XAUUSD found support at the $1760 zone and is trading at $1770, the high of the day.
The yellow metal’s rebound comes from two-week lows and after a correction that took place after the rejection above $1800. The uploads at the moment do not look entirely sustainable. The price is back, for now temporarily, above the 20-day moving average.
The $1760 area has become the support to watch in the short term. The break below could enable a bigger pullback. The next relevant support is located at $1745. In the opposite direction, at $1774 the first barrier appears, followed by $1783 and then the relevant $1800 area appears.
Gold’s rebound comes on the back of some weakness in the dollar, especially noticeable against emerging market currencies and those linked to commodities. Treasury yields and equity markets are moving flat, sideways.
On Wednesday, the Federal Reserve Minutes, which did not bring a great impact. Concern was expressed in the document about raising interest rates too little and also raising too much. On Thursday the focus will return to economic data. The weekly report of requests for unemployment benefits will come out, in addition to the Philly Fed and the report on the sale of existing homes. In addition, Esther George, from the Kansas Fed, and Neel Kashkari, from the Minneapolis Fed, will speak in public.
Technical levels
Source: Fx Street
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