XAU / USD continues to bounce and mark highs above $ 1790

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  • Gold recovers after the sharp fall on Friday, and after maintaining key moving averages.
  • The dollar, with mixed results in the market, loses strength after the American session.
  • Week with Fed meeting and key US data anticipates volatility.

The Gold is up 0.41% so far on Monday and is trading at the daily highs at $ 1791, after having traded for a few minutes below $ 1780 in hours of the Asian session.

The advance in metals comes despite a rise in Treasury bond yields, albeit with a climate of optimism in equity markets. The dollar is with mixed results. It lost strength against most of its rivals in the last hour, but not against the yen, nor several emerging markets. The US Dollar Index (DXY) is down 0.08%, trading just above 94.00.

In minutes the US manufacturing activity report from IHS Markit and ISM will be released. Wednesday will be the turn of the decision of the Federal Reserve and on Friday the employment data for October.

The higher volatility could imply large variations in the XAU / USD, that despite the fall on Friday managed to hold on the moving averages of 20 and 55 days. A return above $ 1800 would give the metal time to test the next resistance at $ 1810; followed by $ 1820 and the key zone around $ 1833, where the July August and September highs are. In the opposite direction, a close below $ 1770 would leave gold ready for further losses.

Technical levels

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