- Gold is falling on Monday after failing to hold above $1800.
- The strength of the dollar favors the correction of the yellow metal.
- XAU/USD with support between $1790 and $1795.
The Prayed it is falling on Monday, having previously risen to $1809, the highest level in five months. From the new peak it fell back and marked lows for the day at $1793.
In the previous American session it is trading around $1795, far from the highs. The retracement from the new maximum level occurred before a general strengthening of the dollar throughout the market.
The greenback erased much of the day’s losses, amid a stable bond market and falling Treasury yields. The 10-year bond yields 3.51% and the two-year bond yields 4.31%. In the US, the final PMI reading for November and the factory orders report will be published on Monday.
The gold’s dominant trend remains bullish, although in the very short term, it has lost momentum after failing to hold on to $1800. A firm return above $1805 would be a positive factor paving the way for new highs.
In the opposite direction, between $1,790 and $1,795 a support zone looms. If we break below, the bearish run could be extended, with the next support at $1783.
technical levels
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.
