XAU / USD crashes higher and shoots towards $ 1,830

  • XAU / USD rises sharply after breaking range for several days.
  • US data and Powell in the spotlight.

The Gold went out of business with several sessions of bullish range trades and climbed to $ 1,826, the highest level since mid-June. The price remains in the zone of highs in the previous US data and Powell’s presentation.

The sudden sharp rise in gold had no particular effect behind. It occurs in a context of fall in the yields of Treasury bonds, and of certain weakness of the dollar after the strong rise on Tuesday. The higher than expected data for retail inflation had generated a rally in the dollar.

On Wednesday the report of wholesale inflation in the US that may generate noise will be published. The key event will be the Jerome Powell exhibition, the chairman of the Federal Reserve before a Congressional Committee for his semi-annual report.

More than $ 10 in minutes

The XAU / USD climbed more than $ 10 in a few minutes, going from $ 1816 to $ 1828, the bullish tone remains intact, and the volatility is increasing. If confirmed above $ 1820, the tone will continue to be bullish. A return below $ 1815, on the other hand, could alert to some kind of reversal and the possibility of testing $ 1800.

The The $ 1825/28 zone is relevant as it contains the 200-day moving average. A consolidation above could point to more ups, with the next strong resistance being at $ 1845.

Technical levels

.

You may also like