- Gold rises on Wednesday and returns to the $ 1750 area
- Fall in Treasury yields leaves the dollar weak.
The Metals are rising Thursday, driven by a weak dollar, a rise in stocks and a drop in Treasury yields. El XAU / USD it reached $ 1,749 / oz, matching Wednesday’s highs and then declined.
The advance of the metal has put it back in front of the zone of $ 1,750, which is a relevant technical level and whose break could trigger further rises, towards the zone of $ 1,760, where are the highs of last week.
Should it not be able to break above the $ 1750/55 zone in the next few hours, the short-term outlook for the precious metal would favor a pullback, which could initially extend to $ 1740 and then to Wednesday’s lows of $ 1732.
The Falling Treasury yields coupled with rising stocks are key factors supporting gold on Thursday. The 10-year rate hit weekly lows at 1,609% on Thursday. Later in the day, the economic calendar shows several relevant economic reports, among which the unemployment benefit requests report and the US retail sales report stand out.
Technical levels
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