XAU / USD rises to one-week highs above $ 1790

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  • Gold and silver advance on Friday, consolidate weekly gains.
  • XAU / USD rises are ahead of the October highs zone at $ 1800.

The Gold is rising again on Friday and climbed to $ 1,794 an ounce, reaching the highest level in a week. It is holding near the highs and trading around the 100 and 200 day moving averages, and targeting the current month high of $ 1800.

The bullish moment remains firm, but gold has important resistance ahead. The break at $ 1800 would be a sign of more raises ahead. To the downside, $ 1788 is now the first major support followed by $ 1775 and $ 1770.

The futures of the main indices of Wall Street They operate on mixed terrain. Inflation concerns are making a comeback after stocks rallied these days, fueled by corporate results, which helped overshadow concerns about prices and supply chain problems. In Europe, the main markets advance an average of 0.5%, despite the fact that the PMI activity reports showed a slowdown in the current month.

In the US, today’s data will be the IHS Markit PMI for October. This is the preliminary estimate and a modest setback is expected in both the manufacturing and services sectors.

The interest rate on Treasury bonds remains in the zone of maximums in months, with the 10-year reference close to 1.70%. Today will speak the president of the Federal Reserve of San Francisco, Mary Daly and then Jerome Powell, the president of the Fed. Powell’s words will be the last of the officials as the period of silence begins, in which they cannot make statements before the November 2-3 meeting.

The break in the 10-year rate of 1.70% could imply a blow for gold, and favor downward movements, especially if it will occur in a context of a fall in the stock markets and a rise in the dollar.

Technical levels

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