- Gold pulls back from highs finding support at $1755.
- Rise in Treasury bond yields on Friday favors bearish correction.
- Outlook remains bullish, not without sharp corrections.
The Prayed is rising for the third day in a row, racking up an advance of nearly $50. The price climbed hours ago to $1,767, the highest level since July 5. It then undertook a downward correction, reaching as low as $1,755, where it found support.
The retreat from the peak occurred in the face of a relative strength of the dollar and after a (moderate) rise in Treasury bond yields. The technical picture for gold still looks strongly bullish and remains above key technical levels. Below $1755, there are several intermediate supports up to 1735%. Below this last level, the bullish bias would be in doubt.
To extend the raises, sbreak the high the next resistance of the XAUUSD looms at $1772followed after by the $1785 zone.
On Friday, the round of important economic data will continue with personal income and spending figures, a report that also includes the underlying price index for personal consumption spending. These figures may have an impact on the market and on the Federal Reserve’s monetary policy expectations. In Europe, figures were released that showed higher-than-expected numbers for both growth and inflation.
Despite rising on Friday (particularly in the last few hours), Treasury yields remain near recent lows, providing background support for gold. The price is on track to have the best week in months and the second rise in a row, extending the rebound after falling to the $1675 zone.
technical landscape
Source: Fx Street
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