- Short-term bullish gold faces strong resistance.
- Break of $ 1,830 could anticipate more raises.
- Important US Data Ahead: Retail Inflation and Unemployment Benefit Requests.
The oro is falling on Wednesday, before the release of US economic data, on a rise in the dollar and in US Treasury yields Trading started the day above $ 1,830, but could not hold and fell to $ 1822. It is trading around $ 1826.
After rising for four days in a row the XAU / USD is correcting lower. The rise in yields is a negative factor for the metal. The 10-year rate rose to 1.47%, while the two-year tranches reached a five-day high. In turn, the dollar also recovers positions.
In the USA, figures for retail inflation and also for unemployment benefit requests. The first data will be key to measure the patience of the Federal Reserve. A rise of 0.5% is expected in October. The other important report will be that of requests for unemployment benefits (advanced one day by the holiday on Thursday in the US), which is expected to continue showing a downward trend.
Bullish with strong resistance ahead
The short-term trend of the XAU / US remains bullish and seems to have a moment. The pullback is being moderate. The most relevant thing is that the $ 1,830 area, as happened in several months ago, again slowed the advance. As long as it remains unable to assert itself above, doubts about further gains in the medium term will persist. A clear break above would leave the metal ready for more gains in the medium term.
Should the gold correction extend, the first strong support looms at $ 1820 and below at $ 1809. Below the key level is $ 1790, the break of which would point to further losses.
Technical levels
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