- The yellow metal remains standing despite the rise in the dollar and in a climate of pessimism.
- Gold extends the bounce from the 20-day average.
The Gold is rising on Tuesday and continues the rebound after falling to $ 1793 on Monday, where it is the 20-day average. The price of the ounce has just climbed to $ 1819, marking a new high for the day.
The $ 1820 zone is the first support that the precious metal faces. A break above could give it more bullish momentum. On the downside, the short-term support to consider is located at $ 1,810, the break of which will expose $ 1,800.
The advance of gold from a weekly low, occurs in a context of pessimism in the markets. After Monday’s sharp drop, Wall Street futures are pointing to a rebound on Tuesday. This contributes to the sustainability of the gold.
Another important factor for metal is the sharp drop in Treasury yields. The 10-year rate is falling for the fifth day in a row and is at 1.17%, the lowest since February 11.
Looking ahead to the next few hours, the focus of attention will be on what happens on Wall Street and with the bond market, which can have a wide impact on the XAU / USD.