• Gold rises to the highest level in four days, eyes $1850.
  • Silver erases losses, and approaches Wednesday's high near $21.90.
  • US yields slide as demand for Treasuries picks up amid risk aversion.

Gold gained momentum boosted by a context of risk aversion and a weaker US dollar. XAU/USD rose from under $1820 to the $1850 area. 

In Wall Street, stocks are falling sharply. The Dow Jones is losing 2.50% while the Nasdaq drops by more than 4%. Recession concerns are driving prices lower. At the same time, the demand for safe-haven assets boosted Treasuries. The US 10-year yield pulled back from 3.49% to 3.32%.

The US dollar is falling versus its G10 rivals, particularly against the Swiss franc and the yen. The DXY drops by 0.90%, and trades below 105.00.

The combination of lower yields and a weaker dollar pushed XAU/USD to the upside. The yellow metal trades at $1846, the highest level since Monday and is looking at the $1850. A break above could open the doors to more gains.

XAG/USD also hit multi-day highs at $21.89. Earlier on Thursday, bottomed at $21.35. On the contrary, cryprocurrencies remain under pressure. Bitcoin continues to trade dangerously close to the $20,000 level.

Technical levels

XAU/USD

Overview
Today last price 1842.93
Today Daily Change 9.13
Today Daily Change % 0.50
Today daily open 1833.8
 
Trends
Daily SMA20 1847.69
Daily SMA50 1877.77
Daily SMA100 1889.57
Daily SMA200 1842.41
 
Levels
Previous Daily High 1841.99
Previous Daily Low 1807.56
Previous Weekly High 1876.01
Previous Weekly Low 1825.1
Previous Monthly High 1909.83
Previous Monthly Low 1786.94
Daily Fibonacci 38.2% 1828.84
Daily Fibonacci 61.8% 1820.71
Daily Pivot Point S1 1813.58
Daily Pivot Point S2 1793.35
Daily Pivot Point S3 1779.15
Daily Pivot Point R1 1848.01
Daily Pivot Point R2 1862.21
Daily Pivot Point R3 1882.44

 

 

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