- Gold is having the best day in weeks, holding gains of around $ 1,810.
- Higher US yields limit the XAU / USD rally.
The oro it is clinging to significant daily gains as it hovers around $ 1,810, an increase of more than $ 30 since Monday’s close. He’s having the best day in weeks.
The metal’s price rose during the European session, peaking at $ 1,814 before falling back to $ 1,804. The rally was driven by a correction, some profit taking and a weaker US dollar.
Gold’s positive momentum waned despite the sharp decline in the US dollar and risk appetite as a result of rising US yields. The decade jumped to 0.925%, the highest level since mid-November.
The DXY fell below 91.40 during the American session, the lowest level since 2018. The recovery of the US dollar was short-lived and the US dollar resumed the decline during the American session, but gold did not rally further, clinging to the recent earnings.
From a technical perspective, the XAU / USD bounce above $ 1,800 eased the downward pressure. The next resistance is seen at $ 1,818 / 20 followed by the $ 1,850 area. A drop below $ 1,800 would point to further downward pressure exposing the recent low at $ 1,764.
Technical levels
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