- Gold is failing to sustain a sustained recovery.
- XAU / USD remains close to the recent bottom and support at $ 1790.
The Gold passed within hours of testing resistance at $ 1810, at two-day highs to return below $ 1800. The price fell to $ 1796, the lowest level of the day and remains with a negative tone.
The decline in gold occurs before a dollar with mixed results in the market and a rise in the yields of Treasury bonds. The 10-year rate is at 1.29%, up 0.90% on the day.
The futures of the main Wall Street indices rise on average 0.48%. Optimism in the markets is a factor that may be limiting both the fall in gold and the advance of the dollar. The key data ahead will be the US PMI.
Keep pressing on $ 1790
The XAU / USD bias remains bearish after seeing failed rallies. Key short-term support is seen at $ 1790, which if given up would favor a bearish acceleration, with the next strong support at $ 1775.
To alleviate the bearish bias, a break above $ 1810 should be made, which would open the way for a bullish extension to $ 1820.
Technical levels
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