- The market climate remains cautious.
- Metals fail to make up ground sustainably.
- XAUUSD erases daily gains after hitting $1,743.
Gold is trading at the $1735 zone unchanged from Monday’s close. The price remains in the low zone in weeks, after a failed recovery. On the positive side, XAU/USD did not make new lows. Silver also fails to recover clearly. XAGUSD was unable to hold above $19.00.
The brightness does not appear
Pullback from levels above $1,800 bottomed Monday at $1,726. From that level he bounced back to $1,743. XAUUSD was rejected above $1,740 and fell to $1,734, matching the daily low.
In the very short termthe direction of gold is not clear. While the downside seems to have eased modestly, the rebounds are showing lack of strength. A rally above $1745 would relieve pressure while a break below $1733 could expect a test of recent lows. The next support appears at $1722.
The context still does not look favorable for gold. The dollar is still strong in the face of a cautious climate in equity markets. For their part, yields on Treasury bonds remain in the area of ​​maximums for the week. The 10-year rate is at 3.02%.
Technical levels
Source: Fx Street
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