- Strong decline in the price of metals, given a slight recovery in the dollar.
- XAU / USD gives up nearly $ 20 from the Asian session high.
The Gold is falling significantly and extends the pullback after failing to break above $ 1833. The price is trading at the lowest level since Thursday, around $ 1809, with the negative moment intact.
The decline accelerated in the European session due to a moderate recovery of the dollar in the market. Gold is erasing all of Friday’s gains and appears to be aiming to extend the pullback, especially if it ends up asserting below $ 1810.
A rise in Treasury yields contributed to the decline in gold. The 10-year rate is at 1.36%, close to the August high.
If the decline continues, at $ 1795, the 20 and 55-day moving averages converge, which should offer significant support. The break of this level would enable more lows. To the upside, $ 1820 is once again a resistance to consider, before the key $ 1833 area.