- Gold manages to cut weekly losses on Friday.
- XAU / USD remains below $ 1800, validating a significant weekly decline.
The oro is rising on Friday after five days followed by declines and cuts a small part of the losses. The price bottomed Thursday at $ 1,766, the lowest level since early May, and hit $ 1,797 on Friday. It is trading at $ 1791, in recovery mode, but losing momentum.
The weakness of gold began last week and was accentuated after the Federal Reserve meeting, which sent the dollar soaring. At the time also to the yields of Treasury bonds. Then however, yields fell back but the XAU / USD continued to decline, possibly due to the widespread rally in the dollar.
The Greenback is on its way to having the best week in a long time throughout the market. The possibility shown by Fed officials’ projections that interest rates will rise earlier than expected was the trigger for significant changes in the market.
There will be no US impact data on Friday. Gold is trading just above the 20-week moving average. A close clearly below could be indicative of more weakness ahead, while a rebound from here would favor some sort of consolidation, with the possibility of a more pronounced rebound in the coming days. The $ 1750/60 zone is a strong support, which should contain the declines; the break would leave the metal vulnerable to further declines and more volatility.
Technical levels
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