• XAUUSD rebounds after hitting a fresh low at $1751.
  • US yields erase earlier gains, back near recent lows.
  • US dollar weakens during the American session.

Gold continues to shine as it shows the latest rebound. XAUUSD printed a fresh daily low during the American session at $1751, but only to rebound more than $10 in a few minutes, rising back above $1760. The outlook remains positive for the metal that is trading near the $1770 resistance area.

Technicals and yields

Gold is about to post the second weekly gain in a row, with the best performance in months. What it started as a correction, after falling to test the critical support around $1675, it has become a strong rally that could add to gains if the price holds above $1750.

The decline in US yields after the FOMC meeting triggered more gains in XAUUSD. Even after US economic data released on Friday showed a still strong consumer and high inflation, the demand for Treasuries held firm. The US 10-year yield stands at 2.65%, and the 30-year rate is back under 3.00%.

The greenback is still on positive ground on Friday but off highs and about to end the week on a weak note. The DXY is flat for the day, around 106.10, consolidating weekly losses. The long-term perspective is still bullish for DXY, but the momentum in the short-term has faded.

Technical levels

XAU/USD

Overview
Today last price 1763
Today Daily Change 7.20
Today Daily Change % 0.41
Today daily open 1755.8
 
Trends
Daily SMA20 1735.49
Daily SMA50 1798.85
Daily SMA100 1855.72
Daily SMA200 1842.6
 
Levels
Previous Daily High 1757.11
Previous Daily Low 1733.86
Previous Weekly High 1739.37
Previous Weekly Low 1680.91
Previous Monthly High 1879.26
Previous Monthly Low 1802.79
Daily Fibonacci 38.2% 1748.23
Daily Fibonacci 61.8% 1742.74
Daily Pivot Point S1 1740.74
Daily Pivot Point S2 1725.67
Daily Pivot Point S3 1717.49
Daily Pivot Point R1 1763.99
Daily Pivot Point R2 1772.17
Daily Pivot Point R3 1787.24

 

 

 

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