- Oro advances for the second day in a row.
- Advance of Treasury yields continues limited advance.
- Strong resistance around $ 1800, the break of which would support gold.
The XAU / USD rises on Monday and reached $ 1800, the new high of the day in the previous one of the American session. Silver is also trading higher, with XAG / USD at $ 24.45. The advance comes despite the DXY rising 0.19% as Treasury bond yields hit new highs in months.
Gold continues to recover after Thursday’s decline
Gold is rising on Monday and is trading at $ 1,798 after hitting $ 1,800. It has not yet managed to leave the aforementioned area behind, but it maintains a very short-term bullish tone. If you lose $ 1795, you would expect a test at $ 1790.
Monday’s is the second consecutive rise. Which implies the continuation of the rebound after having fallen to $ 1782. Now the XAU / USD is testing not only $ 1800, but it is the level where the 20 and 200 day moving average is passing. A closure at the top would give more strength to the metal. But if you can’t here, it would be a sign that the rebound has weakened.
Eyes on Powell and inflation
The advance of the last hours of the gold coincided with a slight retreat in the yields of the Treasuries. Likewise, these remain in the maximum cycle zone. The 10-year rate yields 1.77%, after reaching 1.80% hours ago, the highest since January 2020.
After last week’s US data, highlighting the employment report and the minutes of the Fed, the market continues with some expectation of a rise in interest rates for March. The inflation data to be published on Wednesday will be key in this. There will also be the audience for Jerome Powell’s new nomination on Tuesday. The retail sales report will be released on Friday.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
