- Gold under pressure on rising dollar and sovereign bond yields.
- XAU/USD at a two-week low and with a very short-term negative bias.
- The Federal Reserve minutes are coming.
The Prayed is falling for the third session in a row and continues to lose ground after being rejected above $1,800. The bearish bias further intensified after losing $1780 and is now testing levels below $1770.
The declines on Wednesday are behind a stronger dollar and also a rise in sovereign bond yields. UK inflation data triggered a drop in bond values on both sides of the Atlantic. The US retail sales report gave a mixed view. The focus now turns to what will be the minutes of the last meeting of the Federal Reserve, to be published at 18:00 GMT.
The Dollar Index rises 0.22% and approaches 107.00. While stocks on Wall Street are trading negative with the Dow Jones losing 0.52% and the S&P 500 losing 0.67%, giving the dollar more strength.
The metal yellow bottomed on Wednesday at $1764, where it coincides with the 20-day moving average. It is the first support to consider. Below it will then follow $1755 and $1745.
The very short-term bias is to the downside, although XAUUSD faces a relevant support area up to $1760. A return above $1780 could alleviate the current bearish pressure. To enable a resumption of the rally, a confirmation above $1,800 is required.
|Last Price Today||1769.33|
|Today’s Daily Change||-6.45|
|Today’s Daily Change %||-0.36|
|Today’s Daily Opening||1775.78|
|20 Daily SMA||1761.21|
|50 Daily SMA||1780.38|
|100 Daily SMA||1834.45|
|200 Daily SMA||1841.67|
|Previous Daily High||1783.18|
|Previous Daily Minimum||1771.57|
|Previous Maximum Weekly||1807.93|
|Previous Weekly Minimum||1770.9|
|Monthly Prior Maximum||1814.37|
|Previous Monthly Minimum||1680.91|
|Daily Fibonacci 38.2%||1776.01|
|Daily Fibonacci 61.8%||1778.74|
|Daily Pivot Point S1||1770.51|
|Daily Pivot Point S2||1765.23|
|Daily Pivot Point S3||1758.9|
|Daily Pivot Point R1||1782.12|
|Daily Pivot Point R2||1788.45|
|Daily Pivot Point R3||1793.73|
Source: Fx Street