- Gold climbs to weekly highs above $1,760.
- The dollar loses ground on all fronts despite risk aversion.
- Wall Street futures point to opening with losses around 0.70%.
Gold rose nearly $20 from the Asian session low and recently hit a one-week high of $1,763, buoyed by a weak dollar and despite a rebound in sovereign bond yields.
At the start of the week, XAU/USD fell to test Friday’s low at $1745, but managed to hold above. After hours of trading steadily, it jumped in the European session on general dollar weakness.
The yellow metal is trading at $1760, in positive territory and for the moment holding on to last week’s high. The very short-term tone is bullish for the metal. Below $1755 it could ease while just below $1750 it could change. Key support remains at $1745. If the rally continues, XAU/USD will face resistance at $1765 and then $1775.
Dollar down, metals up
The weakness of dollarpossibly in anticipation of a Federal Reserve less aggressive, remains important support for gold. It is also true for silver which bounced up more than 50 cents from $21.00 to $21.60.
The markets are cautiously watching the demonstrations in China against the restrictions by the COVID-19, which are contributing to a decline in the equity markets.
technical levels
XAU/USD
Panorama | |
---|---|
Last Price Today | 1763.55 |
Today’s Daily Change | 7.22 |
Today’s Daily Change % | 0.41 |
Today’s Daily Open | 1756.33 |
Trends | |
---|---|
20 Daily SMA | 1720.96 |
SMA of 50 Daily | 1686.9 |
SMA of 100 Daily | 1712.08 |
SMA of 200 Daily | 1799 |
levels | |
---|---|
Previous Daily High | 1761.2 |
Minimum Previous Daily | 1746.03 |
Previous Weekly High | 1761.2 |
Previous Weekly Minimum | 1721.23 |
Maximum Prior Monthly | 1729.58 |
Minimum Prior Monthly | 1617.35 |
Daily Fibonacci 38.2% | 1755.41 |
Daily Fibonacci 61.8% | 1751.82 |
Daily Pivot Point S1 | 1747.84 |
Daily Pivot Point S2 | 1739.35 |
Daily Pivot Point S3 | 1732.67 |
Daily Pivot Point R1 | 1763.01 |
Daily Pivot Point R2 | 1769.69 |
Daily Pivot Point R3 | 1778.18 |
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.