- Gold in consolidation mode, clinging to much of Thursday’s gains.
- Recovery slows in the $ 1760 area.
- Losing dollar momentum supports XAU / USD.
The oro It is trading in the ranges of $ 1,750 to $ 1,757, validating much of Thursday’s rally when it climbed from $ 1,725 to a one-week high of $ 1,764.
The dollar is correcting lower on Friday, which is supporting XAU / USD to hold around current levels. The dominant trend continues to be bearish, although in the short term Thursday’s rebound has improved the outlook for the yellow metal.
A fall below $ 1745 could favor a bearish extension, with the next support being at $ 1735 and then the focus will shift to the floor of the week at the $ 1720 zone.
In the opposite direction, if the XAU / USD manages to stabilize above $ 1760, a prolongation of the recovery could be expected. Above the next key resistance is $ 1780.
The beginning of October and the end of the week will see the publication of several US economic reports. At 12:30 GMT it will be the turn of the personal income and spending report, which includes the inflation figure for personal consumption spending. Later it will be the turn of the Markit IHS Manufacturing PMI, the Manufacturing ISM, construction spending and the consumer confidence report from the University of Michigan. In addition, Patrick Harker of the Philadelphia Fed and Loretta Mester of the Cleveland Fed will present in public.
Technical levels
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