- Gold fails to assert recovery and returns below $ 1790.
- Rise of the dollar favors fall in metals.
The Gold is trading around $ 1788, at the same level where it closed on Friday, with a negative tone and pointing to the lows of the Asian session of $ 1783.60. The rise in the dollar is being the factor behind the fall in both gold and silver.
XAG / USD and XAU / USD are struggling, mostly the former. Gold rose to $ 1,793 in European hours, but then it was losing momentum, with the advance of the dollar. The DXY is up 0.20%, and is trading at a two-week high above 92.80.
Looking ahead to the next few hours, the key could continue to be through the dollar and what happens on Wall Street with the bond and equity market. The economic calendar is light and only a speech by Christine Lagarde, president of the European Central Bank and the data of US fiscal accounts stands out. of August.
Technically, gold is still under pressure, very close to the zone between $ 1780-1785, which is where the lows of the last three days are. If this level gives way, further declines would be expected with a target at the next strong support zone at $ 1770. To the upside, at $ 1795 is the first resistance. A confirmation above $ 1805 would support the metal for an extension of the rebound.
Technical levels
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