- Gold loses strength after reaching $ 1812 and falls back.
- Strengthening of the dollar keeps XAU / USD limited.
- Ahead: June US consumer inflation data.
The Gold continues to move laterally and without a clear direction in the short term but settled for these hours above the $ 1800 area, and with an upward bias. XAU / USD climbed to $ 1,812 in the Asian session and then fell back, finding support above $ 1805. You are trading a modest daily profit of $ 1807, away from Monday’s $ 1791 floor.
The rebound from the $ 1790 zone, lost steam above $ 1810, but is still holding onto most of the gains and holding firm above $ 1800, with a bullish tone although the moment fading. The price needs to break and hold above $ 1,815 to increase the chances of more raises in the short term.
In the opposite direction, a drop below $ 1805 could enable a visit towards $ 1790/95, where the floor of the current range is. The break of this last level would leave the precious metal weakened and ready to extend the correction.
The advance of gold was seen complicated in part by a general rise in the dollar in the market. DXY rises to 92.40, rebounding from day lows. The good moment comes in the pre-release of US inflation data that could have a significant impact on the market.
Technical levels
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