- Weakened gold looks to test week’s lows.
- After finding resistance at $1960, XAU/USD turned bearish.
- Silver falls more than 2%.
The Prayed is falling on Thursday, erasing all of Wednesday’s bounce. XAU/USD is trading at the daily low of $1942, with a negative tone, looking closely at the weekly low of $1939.
The silver it is crashing at a higher rate and is losing more than 2%. It trades at $24.63, the lowest since April 8. Since Monday’s peak, XAG/USD has lost 6.10%.
The falls in the price of metals occur despite the correction of the dollar and the rise in the equity markets. The rise in the yields of Treasury bonds and also of European papers, especially after recent comments from officials of the European Central Bank, are a negative factor for gold.
The economic calendar shows ahead for Thursday the weekly report of US jobless claims, in addition to the Philadelphia Fed manufacturing survey and the Conference Board consumer confidence index. Jerome Powell, President of the Fed and Christine Lagarde, President of the ECB, will speak on a panel at the annual meeting of the International Monetary Fund; Andrew Bailey, Governor of the Bank of England, will also speak.
Attention in 1940$
Gold’s pullback is putting into play the $1940 zone that contained Wednesday’s lows. If broken below, the pullback could accelerate with the next support at $1931, followed by $1914, a stronger barrier.
To the upside, now $1949 is the first resistance followed by the $1960 area. If there is a consolidation above, the metal would be ready to extend the upward path.
Technical levels
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
