- Markets waiting for the Jerome Powell exhibition.
- Stable gold in the area of maximums in months, limited by $1880.
- The dollar rises marginally, confirming the fall of the two previous days.
The Prayed It is trading around $1875, neutral for the day. Hours ago, the correction from highs in months extended to $1869, the low of the day from where it bounced to approach $1880. The yellow metal is holding firm, albeit facing resistance at $1880.
The yellow metal is validating last week’s rally and maintains a bullish bias. Several technical indicators had reached overbought levels, and are now moving away from those levels. To enable further gains, gold needs to break through the $1880 area and confirm above.
down, the first support that looms for the XAU/USD is the zone of the lows of the day around $1870. A break below would point to a more significant correction to the downside. The next support is seen at $1860 and then $1850.
The XAU/USD stability around monthly highs trailed by dollar weakness and drop in Treasury yields. This situation seems to be in a see-and-wait mode, to what happens today with the words of Jerome Powell, the president of the Federal Reserve and also looking askance at the positioning before the US inflation data on Thursday.
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.
