- Gold falls more than $ 10 from the peak of $ 1788.
- Volatility in metals remains at extremes, although the price in recent ranges.
The Gold rose more than 2% and rose to $ 1,788.50, reaching the highest level since Friday. But then it experienced a sharp reversal, dropping to $ 1,774. It is trading at $ 1777, still in positive territory for the day, but a long way from the highs.
Once again, the XAU / USD failed to sustain above $ 1780, and undertook a strong downward correction. This was despite the weakness of the dollar in the market and possibly favored by the rebound in Treasury yields. The 10-year reference rate went from 1.62% to 1.64% after the start of the American session; which is still far from the 1.67% peak of the Asian session.
The direction of gold has a slightly bullish bias, but what continues to predominate is volatility. Should it fail to hold above $ 1780 again, the chances of a downward correction would increase. Key support is at $ 1760, the weekly low, near a bullish line and the 20-day average. The break would leave the metal vulnerable.
In case of returning and holding above $ 1780, the bullish moment would remain firm. The next resistance is at $ 1795, which protects $ 1800. In a more general view, the level to overcome to aim for more raises is $ 1830.
Technical levels
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