- Metals soar as US yields slide despite NFP’s upbeat report.
- XAU / USD hits two-week highs above $ 1,810.
- Gold is about to end the week on a positive note, nearly $ 50 above the weekly low.
The metals They are rising sharply, driven by falling US yields on Friday. Gold broke above $ 1,800 and is testing a key short-term resistance area around $ 1,810. A firm breakout to the upside could bring more profit.
US economic data beat expectations and payrolls rose 531,000 in October above the 425,000 market consensus. The dollar initially rose, but then, during the US session, it retreated and reversed its course, amid a sharp decline in US bonds and rising stock prices. The 10-year US yield fell from 1.54% to the lowest level in a month at 1.45%.
Critical area test
Gold peaked at $ 1,812, the highest in two weeks. It is trading around $ 1,810 and a firm break above it would put the price at the highest level in almost two months, pointing to the next resistance at $ 1,820.
If it does not exceed $ 1,810, gold would be vulnerable to a downward correction. Support levels are at $ 1,795, $ 1,785 and then $ 1,770.
Technical levels
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