- Gold loses strength and corrects downwards.
- XAU/USD failed to assert itself above $1980, upside risks remain dominant.
- Ahead: ECB decision and US data.
The Prayed is falling on Thursday ending a streak of six days in a row with raises. The price of the yellow metal was unable to break above $1980 and began to pull back. It recently made a low for the day at $1966.
The XAU/USD remains close to the lows, in intraday correction mode. This scenario could change if there is a rise above $1975. Although for it to be ready to extend the increases, the price will have to settle on $1980. The dominant bias, beyond the intraday trends, remains bullish.
The next strong resistance is seen at $1990 and above that the focus will shift to $2000. In the opposite direction, immediate support appears at $1965, followed by $1958 and then a stronger one at $1945.
Gold’s correction comes despite stable Treasury yields and a modest decline across the board in the dollar. The DXY falls for the second day in a row and trades at 99.67, the lowest level in a week.
Thursday is a busy day, ahead of a Friday where it will be a holiday in most countries. In the economic calendar, the decision of the European Central Bank and US retail sales and jobless benefits data.
Technical levels
Source: Fx Street
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