- Gold is in retracement mode on Wednesday, slashing gains from the previous days.
- The trend reversal occurs after the metal found resistance in the $ 1745 area.
Gold is retreating on Wednesday, experiencing a correction after the recent rally. The advance slowed at the $ 1745 area and recently fell to $ 1730. Silver is also declining.
In recent hours, Treasury yields have risen in recent hours, rebounding from lows in weeks, pushing metals down.
At the same time, the dollar is also recovering strength, while stocks in Europe and Wall Street futures accelerate the decline, all factors that may limit the rally of gold.
Looking ahead to the next few hours, the focus will continue on the bond market and what happens on Wall Street. In the afternoon of the American session, at 18:00 GMT, the minutes of the last FOMC meeting will be published.
From a technical point of view, the Short-term bullish bias of the XAU / USD faces the first correction, after failing to reach the barrier of $ 1745. If this level is exceeded, further advances towards the $ 1765 area could be expected. The first support appears at the 20-day moving average at $ 1728.