- Gold is rising for the third day in a row, about to hit the highest close in a month.
- The rally lost momentum near $ 1,900 and corrected the downtrend intact.
A weak US dollar, risk appetite and technicalities boosted gold prices. The ounce peaked during the US session at $ 1,886, the highest level since November 16. It then fell back to $ 1,880.
Despite moving higher, the XAU / USD it was up $ 20 or 1.25%. Since Tuesday he earned more than 3%. The key factor has been a fall in the US dollar across the board. The DXY fell below 90.00 on Thursday for the first time since 2018. Commodities and emerging market currencies also rose on Thursday.
Looking at $ 1,900
The rally in gold appears to continue in the short term and as long as it is above $ 1,850. The next strong resistance is seen at $ 1,900, and above the $ 1,915 area. Despite the overbought reading on some short-term technical indicators, the current bullish move still looks strong.
A drop below $ 1,850 could suggest some bullish exhaustion in the metal. The next support is seen at $ 1,820.
Technical levels
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