- Gold advance gains momentum after breaking $1850.
- Next strong resistance in the area of $1875.
- Weakness of the dollar, rise in bonds and stocks support the rise of the XAU / USD.
The Prayed it is up 1% on Wednesday and is trading at levels not seen since mid-June above $1850. The XAU/USD went as high as $1865 before pulling back to $1857. The weakness of the dollar and the recovery of Treasury bonds supported the metal.
The yellow metal is rising for the fourth day in a row. After breaking $1830, a critical level, it was strengthened and on Wednesday it is doing the same with $1850. If you manage to continue above, more rises are likely. The next strong resistance zone is seen at $1675.
down the first support looms at $1850, followed by $1835. A return below $1830 could herald a reversal with a deeper correction to the downside.
The rises are being driven on Wednesday by a general drop in the dollar in a context of risk appetite and also an advance in sovereign bonds. The US 10-year bond yield came as high as 3.67%, the lowest in a week and a half.
The key event of the day will be in the American afternoon with the publication of the minutes of the last meeting of the Federal Reserve at 19:00 GMT. Before that, at 15:00, the December reading of the US ISM Manufacturing will be released.
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.
