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XAU / USD shoots up and aims to test $ 1835

  • Gold Accelerates Track After Bullish After US Data
  • Technical factors contribute to the advance of the XAU / USD.

The oro it rose more than $ 10 in the last hour to reach $ 1,827, the highest level since last Friday. The price remains in the zone of maximums, with a great bullish moment as a result of the general weakness of the dollar and the low yields of the Treasury bonds.

The XAU / USD gains accelerated after the ADP employment report. The change in employment was positive at 330,000, well below the 695,000 expected. This weakened the greenback and led to a drop in Treasury yields, which helped the gold rally. Later on Wednesday the reading of the ISM of the service sector will be known.

Technical factors contributed to the advance of gold. The breakout of a multi-session range and the $ 1815/1820 band leaves the way clear for a test of the important $ 1830/35 barrier. The breakdown of the latter would leave gold ready for an upward extension.

In the short term of remaining above $ 1,820, the bullish outlook will remain intact. A drop below would ease them, while already levels below $ 1815, they would return to the price of the previous range, which has support at $ 1800.

Technical levels

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