- The precious metal is cutting losses after finding support at $ 1,850.
- The intraday trend is still down, but with less momentum.
The Gold is falling on Wednesday and fell back to $ 1,851, the lowest level in two days. From that level it bounced and is trading at $ 1860, still in negative territory but far from the lows and with the bearish moment easing.
The XAU / USD rallies from month-long lows reached last week met the $ 1880 zone, from where it is retreating. After the strong rally, the correction for the moment looks normal. In addition to holding above $ 1850, it is above the 20 SMA (currently at $ 1854). A confirmation below $ 1850 would point to a possible short term spike. In order for gold to shine again, it has to overcome the $ 1870/75 barrier.
The dollar It is operating without a clear direction and with mixed results in the market. While stocks are rising and volatility is low. On Wall Street, the main indicators point to a positive opening, in anticipation of possible talks for more fiscal stimulus.
The next sessions can be moved in the financial markets, as they include key events. Among these are the Brexit negotiations, which are in a stage of extreme sensitivity. In addition, on Thursday the summit of the European Union will begin and it will be the meeting of the European Central Bank.
Technical levels
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