- XAU / USD rose to $ 1,823 and then rebounded.
- The rebound from monthly lows remains, momentum moderates.
The XAU it fell back from weekly highs and fell to $ 1,823 / oz, reaching a new daily low. It then rallied and at time of writing is trading at $ 1,830, roughly the same level it closed on Wednesday.
The XAU / USD rally from multi-month lows appears to be losing steam even as the US dollar falls across the board. The DXY fell to 90.48, the lowest level in two years.
The area around $ 1,845, slightly below the $ 1,850 level that was a key support before the $ 1,765 selloff, limited the upside. The $ 1,845 / 50 zone is a key resistance that, if broken, should clear the way for further gains.
On the downside, now $ 1,820 is immediate support followed by $ 1,800. A drop in the XAU / USD below $ 1,800 would add pressure, leaving the metal vulnerable to further losses.
Technical levels
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