- Gold retreats sharply and falls as stocks turn negative on Wall Street.
- The fall in metals is limited by falling US yields.
Gold prices they were down $ 20 from the weekly high it reached after US economic data. The XAU / USD bottomed at 1.835 / oz while, at the same time, Wall Street fell and the VIX index soared.
Gold loses its shine
Metals peaked Wednesday after a lower-than-expected reading for US inflation for January and on risk appetite. It rose to $ 1,855, the highest level since Feb. 2, then rebounded and lost momentum.
A sharp and rapid decline in stock indices on Wall Street sent the XAU / USD at $ 1,835, the lowest level since Asian hours. In the final minutes, stocks lost most of their losses favoring a rebound in gold back to the $ 1,840 area.
The yellow metal looks vulnerable despite holding above daily lows and the recent rally. Key short-term support is seen at $ 1,830 / 35 and below $ 1,820.
Falling US yields limited the decline in gold and silver. The 10-year yield fell to 1.13%, a five-day low. At time of writing, the Dow Jones is flat after regaining nearly two hundred points in the last few minutes. The S&P 500 is down 0.13%.
Technical levels
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