XAU / USD Heads To Lowest Weekly Close Since June Despite Friday’s Recovery

  • Gold rebounded on Friday and managed to regain the level above $ 1,770.
  • Rising US yields continue to put pressure on the yellow metal.

After making a strong recovery from the lowest levels in seven months, gold prices rose on Friday. The XAU / USD it bottomed at $ 1,760 / oz during the Asian session and then rallied. It peaked at $ 1,790 after the start of the US session.

Near the end of the week, the metal hovered around $ 1,780, poised to post the lowest weekly close since July and was down 2.35%.

Still weak, but also showing positive signs

Gold was able to rally after testing the level below the important technical level of $ 1,765 / 70. A consolidation below would clear the way for more losses. Also, on Friday, the XAU / USD could post the first daily gain after a week of consecutive declines. From a technical perspective, a consolidation above $ 1,790 would enhance the bullish outlook for the metal.

Even so, the recovery appears limited and the pressure continues to favor the decline. The fall in the US dollar and improved risk sentiment were offset by higher US yields. On Friday, the US 10-year yield rose to 1.35%, the highest level in a year.

Technical levels

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