- The dollar experienced a significant pullback following the US retail inflation data.
- Metals rose significantly, although they were unable to break key levels.
- XAU / USD remains in the recent range.
Gold bounced from two-week lows near $ 1,780 and climbed to $ 1800, peaking since Friday. The boost came from a general decline in the dollar across the market. The price of the yellow metal could not overcome the barrier of $ 1800 and cut profits, returning to $ 1790.
The lower-than-expected retail inflation data, ahead of the Federal Reserve meeting next week, generated a significant drop in Treasury bond yields, which favored the rise in gold.
The consumer price index rose 0.3% in August, less than 0.4% of the market consensus. The underlying CPI also climbed lower than expected. The initial reaction was a significant fall in the dollar and a rise in equity markets.
Silver was also boosted. The XAG / USD went from $ 23.45 to $ 23.85. Both gold and silver, despite the upward rebound, have not been able to overcome key short-term resistance. In the case of gold, this level could be $ 1800/05, which if it yields could trigger more gains towards $ 1815 initially.
Technical levels
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