- Gold finds support above 1805 and rebounds.
- DXY rises after three days of declines, stable Treasury yields.
The Prayed rallied and hit daily highs of $1,820 on Wednesday. Previously the metal had retreated to $1807, from where it rebounded and gained momentum.
Trying to catch up
The strong pullback that started in the American session on Tuesday, after reaching $1,837, appears to have found support above $1,805. The metal is trading at $1816, showing modest gains but far from the bottom.
The rebound had no particular factors behind it. Treasury bond yields remain in recent ranges, as do Wall Street futures. The 10-year rate is 2.97% and the 30-year rate is 3.17%. The futures of the main US stock indices point to an opening with falls of 0.45% on average. The dollar shows mixed results and the DXY rises after three days of falls, advancing 0.27%.
The economic calendar appears light for Wednesday, with the housing starts report for April standing out ahead and the presentation on the economic outlook by Patrick Harker, the president of the Philadelphia Federal Reserve.
Should the rallies extend, resistance is seen at $1821, followed by $1830 and then $1847. In the opposite direction, now $1813 is the first support followed by the daily low and below $1798, before Friday’s low at $1786.
Technical levels
Source: Fx Street
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