- The advance of the dollar triggers a sharp fall in gold.
- XAU / USD falls below important zone of $ 1,780.
- US Data Ahead: Unemployment Benefits, Retail Sales, and Philly Fed.
The oro it is down significantly almost 1% on Thursday, weakened by a general rally and a rise in Treasury yields. In addition, technical factors contributed. The value of the ounce fell to $ 1,775, the lowest level since August 19.
The first negative sign for the XAU / USD was not being able to recover $ 1795, and then it accelerated the decline after losing $ 1790 and again by giving up $ 1780. The next strong support is the $ 1769 zone, the break of which could again lead to another downward acceleration. Should it return above $ 1790, the pressures would ease.
The dollar looks stronger on all fronts Thursday. The DXY is up 0.33% and is trading near 92.80 and is targeting the month’s highs. The greenback’s appreciation comes on the eve of major US data released on Thursday, including retail sales, unemployment benefits and the Philly Fed.
On Wednesday the data had given strength to the market, which seems to be discounting another round of positive data, which acquires greater significance in the face of next week’s meeting of the Federal Reserve.
Technical levels
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