- Fall in Treasury Yields Weighs on the Dollar and Boosts Gold.
- XAU / USD looks towards last week’s highs at $ 1,813.
The oro it extended the bullish run and climbed to $ 1,810 an ounce, approaching last week’s peak of $ 1,813. If it exceeds this last level, the price would be at its highest since the beginning of September.
The latest boost came from a dollar pullback in the market. The dollar index went from multi-day highs near 94.00 to retreat toward 93.80, cutting gains. The factor behind it all was a drop in Treasury yields that went from 1.67% to 1.62% in a short time.
With no economic impact data these days, the focus is on Thursday’s US GDP report, which will be one of the last relevant reports before the Federal Reserve meeting next week.
Gold maintains a bullish bias, which would be reinforced if it held above $ 1800 and even more if there is a firm break of $ 1810, which would leave the path open for a north extension towards $ 1820, the next resistance before the important level around $ 1833. A fall below $ 1790 would gain strength, while already below $ 1780 the short-term bullish bias could disappear.
Technical levels
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