- The dollar is correcting lower after Wednesday’s strong rise even despite the US data.
- XAU / USD found support at the $ 1,810 zone and is at daily highs.
Metals are trying to regain some of the ground recently lost, driven by a correction in the dollar and a strong rebound in stocks on Wall Street. The XAU / USD rose to $ 1,823, just above the highs of the Asian session, after falling to $ 1808 an hour ago.
Data from the US showed a higher than expected rise in the producer price index, but this time the data did not generate as much surprise as the CPI on Wednesday. The dollar lost strength after the reports (there was also a drop in unemployment benefit requests) and before a decline in the yields of the Treasury bonds. The 10-year rate had reached 1.70% and is at 1.67%.
The decline in the dollar and the rise in bonds, accompanied in turn by a strong rise on Wall Street, they support the XAU / USD. The Dow Jones advanced 1.34% and the Nasdaq 1.48% after the first hour of operations.
XAU / USD testing over $ 1820
Gold is testing levels above $ 1820, in case of affirming above it would be able to extend the rebound. The next resistance is at $ 1825 and then $ 1833. A confirmation above $ 1842 would point to a possible restart of bullish rallies. In the opposite direction, below $ 1810, the strong support at 1795/1800 would be exposed.
Technical levels
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