- Dollar rally after US data pushes metals lower.
- XAU / USD suffers a fall of more than $ 30.
Metals are slipping on Thursday, falling nearly 4% for silver and 2% for gold. The XAU / USD price went from trading above $ 1,900 hours ago to falling to $ 1,865, the lowest level in two weeks.
It is still under pressure and operates at $ 1,870, validating the sharp daily drop of more than $ 30 and the worst day in months. The question is whether it will be able to resume the increases or whether it is the beginning of a more significant correction, or a period of consolidation.
The data that was released from the US showed a greater than expected drop in the initial requests for unemployment benefits, a greater rise than the market consensus in employment measured by ADP and finally, the ISM of services climbed to 64 , against the 63 expected.
Economic figures, in the run-up to Friday’s official employment report, pushed metals down, first due to a rally in the dollar and then also due to a rise in Treasury bond yields. The fall in gold was also driven by technical factors, after breaking key support such as the $ 1,890 and $ 1,882 areas.
Technical levels
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