- The DXY is holding on to modest losses, falling after rising for four consecutive days.
- Gold, unable to stay above $ 1,850, appears vulnerable to a test of $ 1,830 / $ 35.
He oro it is trading at the same level it closed on Monday, around $ 1,845. The yellow metal fell from two-day highs above $ 1,860 to $ 1,836 in two hours. He then regained some ground, but was unable to return to the $ 1,850 zone.
The volatility in XAU / USD spiked even as financial markets were mostly quiet moving sideways. The US dollar is falling at a modest rate. Currency pairs such as EUR / USD, USD / JPY, USD / CHF and NZD / USD are moving in range, with no clear trend. US yields continue to be a key factor. He 10-year yield reached 1.18% for the first time since March.
From a technical perspective, the gold is biased downward in the short term, as long as it is below the 1850 zone, where there is a confluence of a major horizontal level and the 20- and 55-hour moving averages. A rally above would add support for the yellow metal.
Tuesday’s sharp reversal found support above $ 1,835. A break to the downside would expose the recent low of $ 1,817. which protects the $ 1800 zone.
Technical levels
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