- Fed minutes hurt dollar and boost metals.
- Lower Treasury yields give the yellow metal extra support.
- $1750 area is the new short-term support.
Gold was helped by the Federal Reserve minutes released on Wednesday, which led it to break above $1,750. XAU/USD recently reached as high as $1758the highest level since last Friday.
The price remains in the high zone with a bullish tone intact, although the rallies have run into resistance below $1760. In case of breaking above said level, the next relevant resistance can be located at $1768 and then $1775 will follow.
In the opposite direction, the first support is seen at $1750. Below is $1745, where a confirmation below could turn the tone from very short term to negative, exposing next support at $1735.
The dollar is still weak
The XAU/USD rally began on Wednesday after the release of US economic data and took firmer after the Federal Reserve minutes. The document was “less hawkish” which generated a negative reaction in the dollar and a drop in Treasury yields. The document showed that Fed officials could target a hike of less than 50 basis points at the next meeting on December 13-14.
The dollar index (DXY) it falls 0.17% on Thursday, losing ground for the third day in a row. The volume of operations in the next few hours could tend to decrease considering that it is a holiday in the US for Thanksgiving.
|Last Price Today||1758.33|
|Today’s Daily Change||7.01|
|Today’s Daily Change %||0.40|
|Today’s Daily Open||1751.32|
|20 Daily SMA||1710.79|
|SMA of 50 Daily||1683.46|
|SMA of 100 Daily||1711.79|
|SMA of 200 Daily||1800.3|
|Previous Daily High||1753.49|
|Minimum Previous Daily||1721.23|
|Previous Weekly High||1786.55|
|Previous Weekly Minimum||1747.6|
|Maximum Prior Monthly||1729.58|
|Minimum Prior Monthly||1617.35|
|Daily Fibonacci 38.2%||1741.17|
|Daily Fibonacci 61.8%||1733.55|
|Daily Pivot Point S1||1730.54|
|Daily Pivot Point S2||1709.75|
|Daily Pivot Point S3||1698.28|
|Daily Pivot Point R1||1762.8|
|Daily Pivot Point R2||1774.27|
|Daily Pivot Point R3||1795.06|
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.