- Gold is moving sideways on Thursday, between $ 1,780 and $ 1,788.
- Short-term bullish bias is losing strength, you need to break $ 1790.
- Yields on Treasury bonds remain in the zone of maximums in months.
Gold is trading on neutral ground on Thursday and with no clear direction. The XAU / USD is trading at $ 1,785, in the middle of the $ 1,780 and $ 1,789 range, within which it has been holding since the American session on Wednesday.
The limited travel of the dollar throughout the market favors the continuity of the lateral movements of gold. The greenback is rising modestly. The DXY is up 0.05%, ending a six-day streak with declines. This is being a negative factor for the XAU / USD.
In turn, Treasury yields they remain in the zone of maximums in months. The 10-year benchmark rate is 1.65%. The economic data to be published on Thursday from the US could have an impact on bonds and therefore the dollar and gold.
At 12:30 GMT, the weekly report of unemployment benefit requests and the Philly Fed index for October will be released. Later it will be the turn of the existing home sales report and consumer confidence data. Also publicly speaking will be Thomas Barkin of the Richmond Fed, Christopher Waller (Governor) and John Williams of the New York Fed.
Technically, the rises continue to slow below $ 1790, which is the key short-term resistance and the key to a return above $ 1800. In the opposite direction, the break at $ 1780 would anticipate further weakness ahead. With the next support at $ 1770 and then a bullish line will follow at $ 1765, which if broken, would leave the metal vulnerable to further losses in the short term, suggesting the end of the bullish rebound.
Technical levels
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