- Gold is rising at a modest rate on Monday, still unable to settle above $ 1800.
- The price of the ounce is firm despite the rise of the DXY and the support of Treasury bonds.
Gold is rising on Monday and this attempt is back above $ 1800. The value of the ounce reached up to $ 1803, but then it cut profits and trades at $ 1799. The intraday bias remains bullish, with the price continuing to recover after Friday’s slide on Jerome Powell’s remarks.
Dollar and yields
The metal’s advance comes despite the relative strength of the dollar as Treasury yields hold firm and rise modestly on Monday. The 10-year benchmark rate is 1.65%. Market operators continue to position themselves ahead of the Federal Reserve meeting next week. The DXY is up 0.15% and is trading around 93.75, close to the peak of the past three days.
With no impact data expected for Monday in the US, the focus of the financial markets is on the presentation of corporate results of companies in the technology sector. The data for the week will be Thursday with the GDP growth figures for the third quarter.
Looking at $ 1800
The short-term bias is bullish in XAU / USD. The stock will need to stabilize above $ 1800 to keep the prospects for further gains in the near term. Above the next level of resistance is seen around $ 1810 and then $ 1820, before the $ 1830 / $ 35 area, which held back gains in July, August and September.
A fall below $ 1790 would expose a short-term bullish line that passes through $ 1785, the break of which will point to an extension of the retracement. The next strong support is at $ 1770.
Technical levels
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