- Gold remains sideways, with a bearish bias.
- XAU / USD is closing in on the $ 1720 support zone again.
The Gold rose to $ 1731 noting a new high for the day, but then quickly returned below it is trading at $ 1725. The refusal to hold above $ 1730 shows the difficulties for the precious metal in extending the recovery.
The rise in Treasury bond yields is a factor that limited the increases and favored the decline. In the last hour, the 10-year Treasury bond rate reached 1.67%, the highest level since March 23. If the movement continues in this direction, the dollar could strengthen, leaving gold vulnerable to further losses.
The eye of the operators will also be on what happens in Wall Street with stocks where futures point to a green open. Personal income and spending data in the US will be released as well as consumer confidence indicators.
On the downside, the XAU / USD has a support around the $ 1,720 area, which if confirmed below would point to further losses, which could extend to around $ 1,700. In the opposite direction, if it manages to affirm itself above $ 1,740, with significant closings, gold would be positioned for more rises.
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.
