- Metals are rising sharply on Monday amid lower returns and risk appetite in the United States.
- Gold is approaching $ 1,800 / oz and is retreating.
The oro It is rising more than 1% on Monday, driven by a drop in US yields, optimism and a fall in the US dollar. The XAU / USD It peaked at $ 1,797.88, the highest intraday level since February 25, and then fell back to $ 1,790.
The positive tone remains intact in gold, but although gains below $ 1,800 appear limited. The aforementioned area topped the upside several times during April and is a key level. A consolidation above would open the doors to an extension of the rally that started in late March from $ 1,670.
A failure at current levels would leave XAU / USD vulnerable to a deeper correction to the 20-day moving average at $ 1,765. A lower close would point to more losses. The next support is $ 1,755.
Silver and gold were up sharply on Monday as the DXY fell 0.39%, cutting half of Friday’s gains. Rising US yields and economic data weighed on the dollar. ISM’s US Manufacturing PMI unexpectedly declined to 60.7 from 64.7. The 10-year yield bottomed out at 1.58%, before recovering to 1.61%.
Also risk appetite is driving metals. The Dow Jones is up 1% and the S&P 500 up 0.42%. On the negative front, the Nasdaq is down 0.28%.
Technical levels
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