- Gold falls after rising for four sessions in a row.
- Despite the pullback, XAU/USD retains much of its recent gains.
- Important data is coming out of the US and Nonfarm Payrolls on Friday.
The Prayed it is falling on Thursday, the day after the Federal Reserve minutes and before new US economic data. XAU/USD reached as high as $1865 on Thursday, the highest level since mid-June before embarking on a bearish correction, reaching as high as $1843 for the time being.
After marking the daily low at $1843, gold bounced towards the $1850 zone, but without being able to confirm above. If it manages to do so, the yellow metal could recover bullish momentum. Then $1860 and the $1875 zone will follow as resistance.
On the downside, initial support appears at the daily low at $1843. If the losses extend, then $1835 will appear on the scene. A confirmation below $1830 would anticipate a stronger bearish correction.
The other reference metal, the silver is falling significantly on Thursday, giving up more than 1%. XAG/USD fell to $23.19, the lowest level since December 20 before bouncing towards the $23.50 zone.
Dollar with slight rise, stable yields, data to come
The dollar trades with slight gains in the market on Thursday, not straying too far from Wednesday’s closing levels. The Federal Reserve minutes did not generate much movement in the market. The focus on Thursday could be US economic data including the ADP private sector employment report, the weekly jobless claims report and the final reading of the S&P Global PMI for December.
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.
