- Gold rebounds from a month-long lows, slowing at the $ 1,756 area.
- Volatility could remain high, with XAU / USD watching for returns.
The oro it is rising on Friday after falling sharply to $ 1735 at the close on Thursday, the lowest level in a month. From that floor, the price climbed $ 20 and reached $ 1,756. In the last few hours, the XAU / USD stabilized and held around $ 1,755.
The short-term tone still shows possibilities of an extension of the rebound especially if it leaves behind $ 1757, the next resistance being at $ 1761 and $ 1767. One of the most important is located at $ 1,780, and if there is a consolidation in higher prices, gold would be ready for more advances.
In the opposite direction, a return below $ 1745 would put price under pressure again, exposing the $ 1735 floor. Below the next support is $ 1720.
Friday’s rebound in the XAU / USD is trailed by a pullback in Treasury bond yields and some dollar stability, in a context of risk aversion. There is also a possible profit taking and liquidation of positions during the fall to $ 1735.
In the US, the report on the sale of new homes will be published, although the focus will be on the speeches of Federal Reserve officials. Jerome Powell, Richard Clarida, Michelle Bowman, Esther George and Raphael Bostic will speak.
Technical levels
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