- Volatile day for the price of gold, which erases gains of more than $10.
- Pullback finds support above $1710.
- The dollar operates mixed, without clear direction.
The sharp pullback in the price of gold found support at the $1710 area from where it is bouncing back trying to regain momentum. Hours ago, in the Asian sessionXAUUSD jumped to $1,726the maximum since August 30.
short-term shine
Gold’s jump began to be reversed in the same Asian session and continued in Europe, recently reaching $1,710. This level has become a relevant support that, if it gives way, would add pressure to the metal, exposing $1700/02. Below is the support at $1,695 and below last week’s low at $1,688.
In the opposite direction, $1715 is again a resistance to watch out forthen followed by $1,720, the break of which will favor a test of the day’s high, with the next barrier at $1,730.
The dollar strong and the global rise in treasury bond yields are negative factors for the XAUUSD. Normal activity will return to Wall Street on Tuesday after Monday’s holiday. The economic calendar shows as relevant data for Tuesday the ISM report of the services sector and minutes before the final reading of the S&P Global services.
Technical levels
Source: Fx Street
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