- Gold accelerates rise after US consumer confidence data.
- XAU / USD turns into positive territory for the week, bouncing nearly $ 100 off the floor.
The Gold extended the bullish run after the release of US data, which further weakened the greenback. The value of the ounce climbed to $ 1774, reaching highs in one week.
The XAU / USD remains in the highs zone, almost $ 100 away from the low of the beginning of the week. The strong rebound led to gold erasing all losses for the week and now it is even about to make a small profit. In turn, if these movements are confirmed, the reversal will imply an important technical change in favor of more rises.
The data that triggered a major pullback in the dollar was consumer confidence from the University of Michigan, which plunged to 70.2, well below the market consensus 81.2 and the lowest reading since 2011.
The economic numbers led to a drop in Treasury yields, which gave more support to gold. In turn, silver is also favored. XAG / USD is up 2.50%.
Technical levels
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