XAU / USD rises after US data and targets $ 1,830

The dollar retreats after better-than-expected employment data from the US.
Gold is approaching the highs for the week and the $ 1,830 area.

The oro extended earnings Wednesday following US ADP employment data and is trading at the day’s highs at $ 1,827. The rises accelerated after the economic figures and before the stability in the yields of the Treasuries.

According to ADP, the private sector created 807,000 jobs in December, above the 400,000 expected. The dollar rose immediately but after a few minutes lost strength and reversed direction. The XAU / USD fell to $ 1814 and minutes later it was above $ 1820.

The positive US data that serves as a preview of what will be the nonfarm payroll report did not generate increases in Treasury yields, which explains the strength of gold. On Wednesday, the publication of the minutes of the last meeting of the Federal Reserve is still ahead.

Another boost for the precious metal is the technical factor after the break at $ 1820/22, which is a relevant short-term resistance. Now it seems to be targeting Monday’s highs and the important area of $ 1830. If it manages to affirm above $ 1830, the bullish tone will intensify.

Technical levels

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