- Gold hits new highs but then pulls back.
- Confirmation above $1,730 would enable further upside in the short term.
- Weakness of the dollar, rise in stocks and stability in Treasuries support XAUUSD.
Gold is rising on Monday although it trimmed gains in the last few hours. XAUUSD rallied to $1,733, reaching the highest since August 30, but then reversed direction and pulled back below $1,725.
The short-term bias remains bullish in favor of the yellow metal, but it is facing strong resistance around the $1730 area. In addition to being a key horizontal level, it is where the 20-day moving average is passing. A close clearly above would point to more upside.
If it fails with $1730, then weakness could return in line with the still dominant trend. A close below $1,690 would expose the key long-term support at $1,675, where the lows of the last two years are.
Better weather helps gold
Monday’s rise is the second day in a row. It has behind the weakness of the dollar and raise it in the equity markets. ANDl DXY is down 0.65%, retracing further from decade highs. Wall Street’s main indices are in the green, at daily highs.
The treasury bond yields they operate stable. The 10-year bond yields 3.28% and the 2-year bond yields 3.52%. On Tuesday, the US Consumer Price Index for August will be released, which is expected to have a strong impact on financial markets, including gold.
Technical levels
XAU/USD
Overview | |
---|---|
Today last price | 1729.17 |
Today Daily Change | 12.35 |
Today Daily Change % | 0.72 |
Today daily open | 1716.82 |
trends | |
---|---|
Daily SMA20 | 1734.78 |
Daily SMA50 | 1743.86 |
Daily SMA100 | 1795.67 |
Daily SMA200 | 1833.55 |
levels | |
---|---|
Previous Daily High | 1729.57 |
Previous Daily Low | 1708.45 |
Previous Weekly High | 1729.57 |
Previous Weekly Low | 1691.47 |
Previous Monthly High | 1807.93 |
Previous Monthly Low | 1709.68 |
Daily Fibonacci 38.2% | 1721.5 |
Daily Fibonacci 61.8% | 1716.52 |
Daily Pivot Point S1 | 1706.99 |
Daily Pivot Point S2 | 1697.16 |
Daily Pivot Point S3 | 1685.87 |
Daily Pivot Point R1 | 1728.11 |
Daily Pivot Point R2 | 1739.4 |
Daily Pivot Point R3 | 1749.23 |
Source: Fx Street
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