- XAU / USD fell to $ 1849, the new low for the day and rebounded towards $ 1855.
- Short-term outlook unclear, consolidation could continue.
Gold is trading virtually unchanged from yesterday’s close, around $ 1,855 an ounce. On the upside, the price could not sustain above $ 1860, after having climbed to $ 1863, while in the opposite direction, it found support in the $ 1850 zone. It moves without a clear direction.
Consolidating over $ 1850
The XAU / USD seemed headed to break $ 1863, but the strength of the dollar pushed the metal lower. Lack of definition, or a consolidation in a wide range, follows last week’s price crash. The rebound slowed above $ 1860, where is the resistance to break in the short term to enable more raises. In the opposite direction, a drop below $ 1850 should put pressure on the metal, enabling a test at $ 1840.
The The rise of gold in the Asian session had a relevant factor in the fall of the dollar throughout the market. The greenback then reversed the trend, bringing XAU / USD to the lows of the day. What happens in general with the dollar is having a relevant impact on the metal.
The Treasury yields they are falling on Wednesday, which should support the metal. But after the decline in the Asian session, the decline eased.
The economic calendar shows ahead of the publication of inflation figures, the fiscal result and the Fed’s Beige Book. No big impact from the data is expected. The EE.UU policy. it also continues to be on investors’ radar.
Technical levels
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