- Gold gains momentum in the face of a decline in yields and optimism.
- The dollar with mixed results on Wednesday.
- Ahead: Corporate Results, Beige Book and Speeches by Fed Officials.
The Gold is rising on Wednesday and has just climbed above $ 1,780, marking a new daily high of $ 1,781.45, extending the daily profit to more than $ 10. In this way, it is approaching Tuesday’s maximum in the area of $ 1,785.
Both XAU / USD and XAG / USD are on the rise, favored by a weaker dollar. Also, the pullback from the highs in Treasury yields provides support. The 10-year rate reached 1.67% hours ago, the highest since May, and then fell back to 1.63%.
Wall Street futures show no significant changes. Stability favors gold. For the next few hours, operators will follow the presentation of corporate results for the third quarter. In the second half of the American session the Federal Reserve will publish the Beige Book. There will also be speeches by Fed officials, with Randal Quarles on the economy standing out.
Barrier between 1780 and 1785 $
Gold is again testing a resistance zone located between $ 1780 and $ 1785. In case of affirming above, that would give the short-term bullish bias strengthened. With the next resistance at $ 1795, the last protection for a new attempt at levels above $ 1800.
Key support is above $ 1760, where a short-term bullish line passes. If broken, the metal would be weakened and vulnerable to further losses.
Technical levels
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