- Gold is cutting some of Thursday’s losses.
- Dollar correction favors XAU / USD rebound.
- After reaching $ 1,767, gold lost steam.
The Gold is trading just above $ 1760, having climbed to $ 1767, the highest level after plummeting to $ 1,745 on Thursday. The rebound for now looks like a correction.
In the last hours, the dollar moderated the downward correction and took the strength of the bullish movement of gold. The dominant pressures in XAU / USD continue to point to the downside. A rally above $ 1780 could signal some strength ahead. To the downside, at $ 1758 the first support appears, protecting $ 1750 and then $ 1745. The breakdown of the latter could trigger further losses.
The economic calendar is light for Friday. The consumer confidence report from the University of Michigan stands out ahead, with the preliminary reading for September, which is expected to show an advance from 70.3 to 72.2.
The Focus of attention will continue on the bond market, which is key for gold. In addition to seeing how far the negative correction of the dollar can go. Yields on Friday remain sideways, without significant changes. The 10-year rate is at 1.33%, close to but below the critical level of 1.35%. A break above would weaken gold.
Technical levels
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