XAU / USD retraces from week highs and dips below $ 1800

  • Gold retreats from two-week highs and erases large part of current week’s gains.
  • For now, XAU / USD finds support at $ 1790.
  • Rise in Treasury bond yields and dollar advance polish gold.

Gold is losing more than $ 10 on Wednesday and it recently fell to $ 1,790.05 / oz, reaching the lowest level since Monday. He then tried a bounce but couldn’t go beyond $ 1795. The price remains in the area of ​​the lows, with a negative intraday tone.

The advance of the dollar throughout the market, moderately for the time being, coupled with a correction after a strong rally, and the rise in Treasury yields they have removed support for the XAU / USD rises.

The 10-year rate on the Treasury bond hit 1.31% on Wednesday, the highest since Aug. 13. In turn, the dollar is trying to end a three-day streak with declines. The DXY rises 0.20% and trades back above 93.00.

The economic calendar shows for Wednesday the report of durable goods requests for July from the USA. No big impact is expected from these figures. The focus of attention is on what will be at the end of this week the speech at the Jackson Hole symposium by Jerome Powell, the chairman of the Federal Reserve.

Technical levels

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