- US dollar tumbles across the board and boosts XAU/USD.
- Gold up a hundred dollars from Monday’s low.
Gold prices are up by more than 1% on Friday, boosted by lower US yields and a weaker greenback. XAU/USD trades at $1774, the highest level in a week.
University of Michigan’s Consumer Confidence report showed a sharp, unexpected decline to 70.2 in the main index, the lowest level since 2011. The numbers added fuel to the decline of the greenback across the board. The DXY is falling 0.50%, having the worst day in weeks. US yields tumbled after the latest economic numbers. The 10-year yield dropped to 1.30%, the lowest since Monday.
The combination of a weaker dollar and the rally in Treasuries pressured gold prices further to the upside. XAU/USD erased weekly losses and is in positive territory after a reversal of a $100 from the Monday flash crash low.
The weekly chart now offers a positive perspective for gold after the rebound from the key support at $1675. A close above $1760 would keep the door open to an extension of the current rally. The next strong barrier is seen at $1795.
|Today last price||1770.06|
|Today Daily Change||17.26|
|Today Daily Change %||0.98|
|Today daily open||1752.8|
|Previous Daily High||1758.21|
|Previous Daily Low||1741.65|
|Previous Weekly High||1831.81|
|Previous Weekly Low||1758.79|
|Previous Monthly High||1834.17|
|Previous Monthly Low||1765.74|
|Daily Fibonacci 38.2%||1751.88|
|Daily Fibonacci 61.8%||1747.98|
|Daily Pivot Point S1||1743.56|
|Daily Pivot Point S2||1734.33|
|Daily Pivot Point S3||1727|
|Daily Pivot Point R1||1760.12|
|Daily Pivot Point R2||1767.45|
|Daily Pivot Point R3||1776.68|
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