- Gold rises modestly on Friday after finding support at $1753.
- Major resistance looms at $1770.
- Mixed dollar and Wall Street futures rise.
The Prayed It rises modestly after two days of declines, in a day of sideways runs between currencies and rises in equity markets. XAUUSD recently hit a daily high of $1,767, then returned to the $1,764 area.
In the Asian session, XAUUSD returned above $1,760, moving away from Thursday’s $1,753 floor. Although the intraday bias is bullish, the rises face resistance around $1,770, where the 20 four-hour moving average is also passing. One climbs above, it would give the yellow metal more momentum.
In the opposite direction, below $1,760, the bias could turn neutral to bearish, re-exposing current week’s lows at $1,753. A break below $1750 would suggest more downsides ahead.
The rise in gold occurs in a context of a mixed dollar and despite the rise in treasury bond yields. Wall Street futures are in positive territory.
The economic calendar is light on Friday. The existing home sales report for October stands out, which is expected to fall from an annual rate of 4.71 million to 4.38 million.
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.
