- Metals are rising sharply, amid risk appetite, a weaker dollar and a retreat in US yields.
- XAU/USD testing the $1810 resistance area.
- Price heads for a weekly close above the 20-week moving average.
Gold is rising sharply on Friday, extending weekly gains. The ounce gains more than $20 and recently reached at $1812, the highest level since mid-September. It remains near the top, with the bullish momentum intact.
Metals are posting important gains on Friday. The rally is being reinforced by a correction of the US dollar and a modest recovery in US bonds. The 10-year yields pulled back to 1.65% from 1.69%. Stocks in the US are mixed but off lows, also helping commodities.
Levels to watch
If XAU/USD holds firms above $1811 it could clear the way to additional gains, targeting the $1820 level. Above attention would turn to the critical resistance band at $1830/35 (July, August and September highs) that if broken, would strengthen then medium-term outlook.
On the flip side, a slide under $1800 would alleviate the bullish pressure while under 1790$ should warn about a potential reversal.
|Today last price||1812.09|
|Today Daily Change||29.11|
|Today Daily Change %||1.63|
|Today daily open||1782.98|
|Previous Daily High||1789.48|
|Previous Daily Low||1776.58|
|Previous Weekly High||1800.62|
|Previous Weekly Low||1750.24|
|Previous Monthly High||1834.02|
|Previous Monthly Low||1721.71|
|Daily Fibonacci 38.2%||1784.55|
|Daily Fibonacci 61.8%||1781.51|
|Daily Pivot Point S1||1776.55|
|Daily Pivot Point S2||1770.11|
|Daily Pivot Point S3||1763.65|
|Daily Pivot Point R1||1789.45|
|Daily Pivot Point R2||1795.91|
|Daily Pivot Point R3||1802.35|
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