- Gold remains bullish, although currently limited by $ 1,870.
- Lower yields, market optimism and dollar weakness support metals.
The gold is trading a small drop from Friday’s close, although it has erased the losses of the Asian session and is trading back above $ 1,860, with the bullish tone intact, although facing resistance.
The XAU / USD fell hours ago to $ 1856, from where it bounced and rose to $ 1864, where it is trading. In this way, it remains in the area of $ 1868, which is the level that is containing more advances of the yellow metal.. The break of that level could trigger more raises.
To the downside, a consolidation below $ 1,855, where the 20-period four-hour average is, would ease the upward pressure. Below key support is seen at $ 1835/40. A dip below would leave gold with a neutral / negative bias.
The dollar presents some weakness at the start of the week due to a rise in the equity markets. Wall Street futures point to a positive opening of 0.20% while in Europe the main markets climb around 0.30%.
Another factor is the decline in Treasury bond yields. The 10-year reference is at 1.55%, with a slight decrease. The DXY operates just above 95.00 and yields 0.08% at the start of the week. Silver had a sharp fall in the Asian session from 20.40 to 24.93, but has managed to cut losses and operates at 25.20, negative but far from the minimum.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
