XAU / USD recovers from $ 1760, looks towards $ 1780

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  • Gold rebounds after making up to $ 1,760 amid dollar weakness.
  • Unclear trend in the short term, looking for a direction.

The oro it is rising on Thursday, after starting a recovery during the European session. The price recently climbed to $ 1,776, the new high for the day, after testing the $ 1,760 zone hours ago.

The rebound in gold was driven by a downward correction in the dollar. The greenback rose on all fronts on Wednesday and continued through mid-Thursday, with the wind in favor of the Federal Reserve meeting. The central bank gave signs that in November it could begin to cut the purchasing program.

Thursday’s economic calendar shows as outstanding reports from the US for the market: the weekly report of unemployment benefit requests, the IHS Markit preliminary report for September on the manufacturing sector and the survey of the manufacturing sector of the Fed of Kansas .

The XAU / USD bounce at the moment looks limited. A rally above $ 1780 would strengthen it and enable an extension to the next significant resistance at $ 1795. In the opposite direction, $ 1760 has become the key support; followed by the band 1745/50 $. If it affirms below this zone, gold would be ready for a bearish extension.

Technical levels

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