- Modest dollar advance hurts gold on Monday.
- The rise of the XAU / USD loses momentum and falls after failing to sustain above $ 1,820.
The Gold is trading negative on Monday after Friday’s strong rally. Despite the decline, it remains firm above $ 1800. The price reached $ 1,823 during the Asian session, reaching the highest level since August 4. At the beginning of the American it is trading at $ 1812, the lowest level of the day.
The rises in gold lost strength after failing to settle above $ 1,820 and a recovery in the dollar. Even the greenback shows some weakness, after the fall following the remarks of Federal Reserve Chairman Jerome Powell on Friday.
Both gold and silver have lost momentum but still exhibit a bullish bias in the short term. In the case of the yellow metal, a return above $ 1,820 could see it regain the initiative. The next strong barrier is around $ 1833. In case of extending the pullback, key short-term support can be found at $ 1805 and then $ 1795.
The The decline in the dollar occurs due to a stability in the Treasury bond market and a modest recovery in the dollar. The US dollar index (DXY) rises 0.05% and is trading at 92.70, recovering from lows in almost two weeks.
Technical levels
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