- Recovery of the dollar and rise in Treasury bond yields weigh on metals.
- XAU / USD falls below $ 1,745 after hitting a five-week high near $ 1,760.
Gold and silver are falling on Friday, slashing some of Thursday’s gains. The XAU / USD had the highest daily close since the end of February and it was above $ 1,750, but in the since the Asian session on Friday it is moving with a bearish bias.
The rise in Treasury yields is one factor affecting metals. The 10-year rate had ended the previous day in the 1.62% zone and is currently at 1.66% (up from 3.3%). In turn, the dollar is rising on almost all fronts, at a not very marked rate, but the DXY manages to regain ground and is close to 92.30.
Despite Friday’s slide, the precious metal is still on track to close the week positive, but without marking the highest close since February. If it ends above $ 1750, it will do so and leave signs of continuity, possibly testing the next resistance at $ 1765 / $ 70 before $ 1795.
Looking ahead to the next few hours, what happens in the bond market will be key for gold. There will also be data on wholesale inflation for March and wholesale inventories. Dallas Federal Reserve Chairman Robert Kaplan will speak publicly.
Technical levels
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