- Metals bounce after Thursday’s sharp drop.
- XAU/USD returns to the $1800 zone, after finding support in the $1785 area.
- Data is coming from the United States.
The Prayed is rising on Friday, recovering a portion of the larger 1% drop on Thursday. After finding support in the $1785 area, the XAU/USD started with a rally, which went as high as $1799 so far.
Gold’s rise accompanies a rebound in equity markets and comes despite rising Treasury yields. The DXY is falling 0.15%. The 10-year treasury bond yields 3.70% while the 2-year is close to the recent maximum at 4.28%.
Along with gold, the silver which is rising 0.85% and is trading at $23.75. The markets are in year-end mode, with a drop in the volume of operations, which will have to intensify next week. Important US data, including personal income and spending, along with the underlying personal consumption spending price index will be released on Friday.
Support at the 20-day moving average
The retracement of gold after not being able to confirm above $1820, found support in the 20-day average, which passes by $1,787 and in the area of influence of $1,785, where the 200-day average is also passing.
Should it break and clearly firm below $1,785, the yellow metal would be positioned for a bearish extension, with next support at $1,770. Going the other way, a close above $1820 would be a key factor pointing to more gains.
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.
