- Gold climbs to 1802 but quickly returns to $ 1,797.
- Metals validate the heavy losses on Tuesday.
- The dollar continues to recover ground, DXY rises for the third day in a row.
Gold rose modestly on Wednesday, recovering a fraction of Tuesday’s losses. The price is struggling around the $ 1800 zone. It reached a new high for the day at $ 1802, but quickly returned to $ 1796.
The XAU / USD, like the XAG / USD, is trading sideways, holding on to the significant losses on Tuesday. The yellow metal lost $ 30, showing a strong reversal, after hitting weekly highs in the $ 1,833 area on Friday.
The sharp fall left the technical outlook with signs to the contrary and the next few hours may be decisive. The decline in gold came from a rise in Treasury yields, combined with a recovery in the dollar.
The DXY is rising again on Wednesday and is trading at multi-day highs above 92.60. For their part, bond yields are down slightly, which at the moment looks like a correction. The 10-year rate, which hit 1.38% on Tuesday, is at 1.35%.
Wednesday’s data is not expected to have a high impact. In the US, the report on job offers and the Beige Book of the Federal Reserve will be published. Also publicly speaking are John William of the New York Fed and Robert Kaplan of the Dallas Fed. The important Thursday will be the meeting of the European Central Bank and on Friday the US wholesale inflation data.
technical level
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