- Gold prolongs the advance and reaches $ 1806, the highest level since August 5.
- Continued decline in the dollar continues to support metals.
The Gold is rising more than 1.25% on Monday, showing a strong rebound from the $ 1775 area and has just climbed to $ 1806, the highest level in two weeks. The price remains above $ 1800, with the bullish tone intact.
The rise is mainly supported by the general weakness of the dollar, which is losing ground on all fronts. It also contributes to the advance of gold, the fall in the yields of Treasury bonds and the advance of the equity markets.
The precious metal rises more than $ 20 on Monday, and resumes the raises after a week of consolidation between $ 1795 $ 1775 $. Holding above $ 1795 will leave the bias in favor of more raises. For the moment, the rally stopped at $ 1806, close to a relevant resistance.
The silver has also skyrocketed and rises 2.55%, and it trades above $ 23.60, at highs in almost a week. Both gold and silver could continue the rally as long as the dollar shows weakness. A key event for metals will be the exposition of Jerome Powell, the chairman of the Federal Reserve at the close of the week at the Jackson Hole symposium.
Technical levels
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
