- Gold takes trips in a small range on Tuesday.
- XAU / USD fails to assert itself above $ 1800, and remains near weekly lows.
The Gold is trading on neutral ground Tuesday, staying in a range between $ 1793 and $ 1800. It operates at $ 1,797, where it closed on Monday. Yesterday it had reached $ 1811, the maximum in days, but could not be sustained and undertook a retracement, which extended to $ 1793, the low of the European session on Tuesday.
The Precious metal faces difficulties to fail in a sustained way $ 1,810, which would enable more rises. In turn, it also costs him to support himself above $ 1800. Thus, it remains near $ 1790, which is a key short-term support whose breakout would favor further lows, with a possible target at $ 1770.
Gold’s hold in a range on Tuesday comes despite the dollar’s rally across the market and supported by a pullback in Treasury yields. The relative low volatility could be threatened as early as Tuesday, considering the amount of data and economic events ahead.
Tuesday will begin the two-day meeting of the Federal Reserve. The decision will be known on Wednesday. Although no changes are expected, the words will be key and it is expected that they will have a wide impact on the market.
Regarding data, the data for durable goods orders, the Case-Shiller home price index, the Conference Board consumer confidence index and the Richmond Fed manufacturing index will be published today in the US. To complete the scenario, the round of corporate results presentation continues, this being one of the most loaded weeks.
Technical levels
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