- Gold loses more than $10, after jumping to $1,825.
- Volatile day due to a sharp fall in the equity markets.
Gold is trading back in negative territory after losing ground gaining in a short time. XAU/USD had jumped from near $1,800 to $1,825 marking a new daily high, but failed to validate the bounce and is back below $1,815
still under pressure
Hours ago, gold traded at $1,802, the lowest level since mid-May. Then he had a strong rebound, but it didn’t last. Should it break down and firm below $1,805, we would expect $1,800 to give way, exposing the next support at $1,785, the May low. To the upside, a firm return above $1835, where a bearish line is passing through, would relieve short-term prisons.
The yellow metal is weakened in a context of risk aversion and where most commodities are falling. Wall Street indices fall more than 1.30%.
Lower Treasury yields are one factor helping gold limit the slide. The 10-year bond yields 3.01%, the lowest in a week, and the 30-year bond yields 3.14%, the lowest level in 20 days.
Technical levels
Source: Fx Street
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