- Gold falls for the fifth day in a row, looks vulnerable.
- Price bounces after falling to $ 1783.
Gold remains dull and remains under pressure. It is trading at $ 1788 an ounce, down 0.35% so far this day. It cut losses after falling to $ 1,783, the lowest level since early December.
The metal is losing ground for the fifth consecutive day and begins to look to the November floor at $ 1765, being that there is a previous support zone around $ 1775. The bearish bias remains intact.
The key factor behind the weakness of the XAU / USD is being the rise in the yields of the Treasuries. The 10-year rate reached 1.33% hours ago, the highest level in a year before falling back to 1.29%. This advance in yields is a factor that tends to negatively affect gold, as well as favoring the dollar.
The greenback is rising in the market on Wednesday. The DXY is trading at one-week highs above 90.80. Stock markets in the world are declining modestly, which also works against gold.
The attention of gold traders is expected to remain focused on what happens in the bond market. In addition, the economic calendar shows important events ahead such as January retail sales, January wholesale inflation, and the minutes of the last Fed meeting. In addition, the president of the Boston Fed, Eric Rosengren will speak.
Technical levels
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