- Dollar continues weakness after ISM data.
- Metals make significant gains on Monday.
- XAU/USD climbs above $1,680, the highest since September 22.
The Prayed is rising significantly on Monday and adds to the rally in silver (+7%). XAU/USD just broke above $1,680, hitting the highest in over a week.
The advance of the yellow metal occurs before a rebound in the stock markets and in raw materials in general. On Wall Street, the Dow Jones rises more than 2%, and the S&P 500 almost 1.90%. The dollar retreats in this context, with the DXY approaching last week’s low, at the 111.70 area.
Gold finally reacts to what silver was already doing. XAG/USD has the best day in several quarters with an advance of over 7%. It went as high as $20.38, the highest since
In the US, it was known that the ISM Manufacturing for September had a greater decline than expected from 52.8 to 50.9. All items in the report showed figures below expectations. The data left the dollar weaker, while also boosting gold.
Another factor in favor of the yellow metal is the decline in Treasury bond yields. The 10-year yield is at 3.61%, the lowest level since September 22, far from the area above 4% that it was able to reach just last Wednesday.
Technical levels
Source: Fx Street
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