- The gold affected by negative climate in the markets.
- Recovery stalls below $1860, next support at $1830.
- Focus on the bags and more data from the US is coming.
Gold is falling on Thursday, erasing some of Wednesday’s bounce. The XAU/USD hit as high as $1,858 in the Asian session, a two-day high, but then reversed direction and fell to $1,844. In the previous US data, it remains negative intraday and under pressure.
The drops in the yellow metal occur in the face of a new fall in the world’s stock markets and with a general climate of concern about global growth. This puts downward pressure on the price of raw materials and strengthens the dollar. DXY rises 0.45% and trades near 104.50, the highest since December 2002.
The Gold’s declines are getting some support from falling Treasury yields, which can act as a limitation for the time being. The 10-year rate is at 2.84%, being that on Wednesday at one point it reached 3.07%.
Gold is down 0.35% on Thursday while silver is down 2.30% after paring losses. XAG/USD fell to $20.72, the lowest level since July 2020.
Technical levels
Source: Fx Street
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