- 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.
|Today last price||1842.93|
|Today Daily Change||9.13|
|Today Daily Change %||0.50|
|Today daily open||1833.8|
|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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