- XAU / USD tries to extend the advance in the face of dollar weakness.
- Gold is clinging to weekly gains, but a far cry from where it was nine days ago.
Following personal income and spending data, the dollar weakened in the market and pushed gold, which climbed to $ 1790, reaching the highest level in two days. The precious metal could not overcome that barrier and fell back. At the start of the American session it is trading at $ 1786, in positive territory for the day and the week.
The US data did not generate much surprise but did not help the dollar, which set new lows and remained weak. This favored metals, particularly gold. The bond market remained unchanged, with the 10-year rate below 1.50%.
On the week, gold is on track to finish positive they showed a recovery after the crash to $ 1760. Still, it is a long way from the levels above $ 1,850, which it was nine days ago.
Technically, XAU / USD faces initial resistance at $ 1790. If it affirms above, the metal would be positioned to go for $ 1800 and keep the recovery intact. Should it fall below $ 1780, the short-term outlook would weaken, while a break at $ 1770 would expose the recent low.
Technical levels
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