- Gold rebounds further from weekly low, struggling to stay above $ 1,870.
- Weaker dollar keeps XAU / USD away from lows, bias unclear.
He oro it is rising on Wednesday due to a weak US dollar and amid an improvement in market sentiment. Speculation about a Brexit deal boosted markets and demand for riskier assets.
XAU / USD bottomed at $ 1,857 before rising to $ 1,878, driven by improving market sentiment. On Wall Street, the Dow Jones is up 0.68% and the S & P500 is up 0.45%. The DXY fell further during the US session to the 90.00 area.
From a technical perspective, gold moves without a clear bias. It has still not been able to fully recover from the sharp reversal that took place on Monday when the XAU / USD fell from over $ 1,900 to $ 1,855. The $ 1,855 zone was tested again on Wednesday, but held; a consolidation below would clear the way for further losses.
On the upside, if the price manages to stay above $ 1,875, the metal could gain traction for a test of the next strong resistance seen at $ 1,885 that protects the $ 1,900 level.
Technical levels
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