- Gold recovers and clears losses as the dollar falls.
- XAU / USD finds support above $ 1,880 and rises to $ 1,890.
The Gold gained momentum during the American session and erased the day’s losses rising to 1890$, just below the highs of the Asian session. The metal had found support hours ago above the $ 1,880 area.
The avocado also reversed the intraday trend, although the XAG / USD reached new highs for the day, above $ 27.80. The rise in metals was accompanied by a decline in Treasury bond yields and despite the decline in stocks on Wall Street.
The dollar for its part lost the gains. The DXY, which was near 90.30, is now struggling to hold above 90.00. The dollar’s pullback was the key factor for gold’s rebound.
With the rebound the XAU / USD is returning above the 20-day moving average and reconfirming the rise on Friday. The very short-term direction is not yet clear and will depend on the closings. To the upside, the $ 1910 zone remains a key resistance, which if broken with a close would point to further rises. In the opposite direction, if it falls below $ 1870, the metal would be ready for an extension of the bearish journey.
Technical levels
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