untitled design

XAU / USD Marks Weekly Highs Closer to $ 1850

  • Gold bounces near $ 1830 and rises toward $ 1850
  • US employment report with mixed data, stocks remain firm.

Gold is rising modestly on Friday and most relevant is consolidating significant weekly gains. The rally continues to be held back by the $ 1850 resistance zone, which is the key level in the near term.

The US employment report showed a less than expected increase in nonfarm payrolls of 245,000 jobs. The oro it experienced volatility at the time and went from bottoming out at $ 1,832 to marking a new weekly high at $ 1,848.

The bullish tone remains intact, now supported by the weakness of the dollar. The rebound from monthly lows that began on Tuesday, possibly due to technical factors, gained momentum with the decline in the greenback. DXY is at monthly lows in the 90.50 area.

From a technical standpoint, the XAU / USD is facing critical resistance at $ 1850. If it surpasses and asserts itself above, the metal could extend the rises. A return under $ 1825 would target $ 1800. The downward pressures would be expected to intensify if there is a consolidation at levels below $ 1795.

Technical levels


You may also like

Most popular