- Gold’s slide continues after a brief pause and hits multi-month lows.
- XAU / USD under pressure, even as Wall Street soars, reversing sharply.
Gold prices they remain under pressure and recently hit $ 1,679, the lowest level since early June. It then rebounded modestly to the upside, but remained under pressure on the verge of bouncing all eight daily losses for the last ten trading days.
Higher US yields and a stronger US dollar continue to be the key factor keeping gold on a negative bias. Not even the appetite for risk in the United States helped the yellow metal. The US 10-year yield is moving back to 1.60%, up 1.80% on the day. The DXY is at 92.35, the strongest level since mid-November.
On Wall Street, even the Nasdaq is now in positive territory after a strong recovery. In a volatile session, the Dow Jones is up 1.42% and the Nasdaq is up 0.25. Gold prices did not benefit from the rally in US stocks.
Gold offers no signs of correction or consolidation, even when the RSI and Momentum show extreme oversold readings. The next support could be seen around $ 1,675. On the upside, $ 1,695 and $ 1,715 turn into short-term resistance levels.
Technical levels
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