- Gold bounces sharply from two-week lows, hits two-day highs.
- Volatility in gold soars but remains limited for some assets ahead of Jackson Hole Symposium.
Gold prices have risen more than $40 an ounce during the American session so far. XAU/USD bottomed at $1,902/oz following the release of US economic data, in line with the USD peak. From the $1,900 area, it rebounded sharply, and it is trading at $1,944, the highest level since Monday.
A retreat of the US dollar across the board triggered the rally in XAU/USD. The DXY spent most of its time in positive territory, but it failed to hold to gains. It peaked at 93.36 after the better-then-expected US Durable Goods Orders report, and now it is about to drop under 93.00.
In Wall Street, equity prices are mixed. The Nasdaq and the S&P500 hit new record highs and are up 0.95% and 0.35% respectively, but the Dow Jones losses 0.21%. Crude oil is also on a volatile session. The WTI is down marginally for the day after reaching a fresh multi-month high at $43.75.
Silver also rebounded sharply on US hours. XAG/USD found support at $26.00, and it printed daily high above $27.00. It gains 2.65%.
From a technical perspective, the recovery in gold reinforced the $1,900 area as critical short-term support. The positive intraday momentum will likely remain in place while above $1,930. The next resistance stands at $1,950/55. A consolidation above would open the door to more gains.
|Today last price||1938.1|
|Today Daily Change||9.92|
|Today Daily Change %||0.51|
|Today daily open||1928.18|
|Previous Daily High||1937.67|
|Previous Daily Low||1914.4|
|Previous Weekly High||2015.65|
|Previous Weekly Low||1911.64|
|Previous Monthly High||1984.8|
|Previous Monthly Low||1757.7|
|Daily Fibonacci 38.2%||1923.29|
|Daily Fibonacci 61.8%||1928.78|
|Daily Pivot Point S1||1915.83|
|Daily Pivot Point S2||1903.48|
|Daily Pivot Point S3||1892.56|
|Daily Pivot Point R1||1939.1|
|Daily Pivot Point R2||1950.02|
|Daily Pivot Point R3||1962.37|
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