XAUUSD bounces firmly from $1700 level
Zaktualizowano
Gold has bounced firmly from the $1700 level and are back to flat as the USD pulls back from highs.
The precious metal has mostly traded as a function of USD and higher yields has not hurt it too much.
Spot gold prices have bounced pretty firmly from the $1700 level and are now trading in the 1720s again, where they are back to flat on the day. Gold bulls will be eyeing a move back towards the $1740 level that has acted as a ceiling since 2 March.
Driving the day
The recent turnaround in spot gold’s fortunes, while partly driven by technical buying at the $1700 level, seems to owe itself to a recent pullback from highs in the US dollar; over the last few hours, the Dollar Index (DXY), with which gold has a negative correlation, has dropped back towards the 91.50 level from European morning session highs of just shy of 92.00 and this seems to have helped gold recover from lows.
Looking ahead, US President Joe Biden will be giving remarks on the implications of his recently signed into law 1.9T “rescue” package and is likely to also speak on his plans for the next, much more infrastructure-focused “recovery” package, which (according to various reports this week) could have a multi-trillion price tag over the next four years.
The precious metal has mostly traded as a function of USD and higher yields has not hurt it too much.
Spot gold prices have bounced pretty firmly from the $1700 level and are now trading in the 1720s again, where they are back to flat on the day. Gold bulls will be eyeing a move back towards the $1740 level that has acted as a ceiling since 2 March.
Driving the day
The recent turnaround in spot gold’s fortunes, while partly driven by technical buying at the $1700 level, seems to owe itself to a recent pullback from highs in the US dollar; over the last few hours, the Dollar Index (DXY), with which gold has a negative correlation, has dropped back towards the 91.50 level from European morning session highs of just shy of 92.00 and this seems to have helped gold recover from lows.
Looking ahead, US President Joe Biden will be giving remarks on the implications of his recently signed into law 1.9T “rescue” package and is likely to also speak on his plans for the next, much more infrastructure-focused “recovery” package, which (according to various reports this week) could have a multi-trillion price tag over the next four years.
Zlecenie aktywne
Uwaga
Possible sideways correction a-b-c on wave (2) On the flip side, gold must hold above the immediate support at $1,720 and, by extension, the 100 SMA to sustain the uptrend. Action under these two key zone would put pressure on lower anchors at $1,700 and $1,680, thus opening the door to massive declines.
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