- Gold is due to close on Thursday.
- Basic technical levels remain unchanged as XAU / USD awaits the next significant catalyst.
- Gold could extend its return if it manages to clear $ 1,760.
Update:Gold prices are rising above $ 1,750 every day, recording some slight gains, leaving aside previous sales. Prices seem to be stabilizing now in order to take a united step in the trading zone. The higher value of the US dollar, which makes the precious metal for owners of other currencies, continues to put pressure on the higher side of gold. The US Consumer Price Index (US Consumer Price Index) puts some pressure on gold prices amid concerns that the Fed will not immediately signal a cut in its bond-buying program. The decline in US Treasury yields has also affected gold prices as it reduces the attractiveness of inefficient assets. Shares of the stock helped push prices above $ 1,750. Concerns about the Delta Outbreak crisis have eroded investor confidence and risk appetite, which has ultimately contributed to the reversal of gold prices.
After hitting Wednesday, gold fluctuated in a relatively narrow range on Thursday, continuing the deadlock day, slightly changing to $ 1,750.
US Treasury bonds fall sharply նոր A new US weakness after the US inflation report in July helped the US XAU / USD gain an advantage on Wednesday. Although the pair managed to reach a maximum of $ 1,758 a day earlier, they failed to maintain their growing momentum.
As the 10-year yield on US Treasury bonds rose 2%, offsetting Wednesday's losses, the dram was able to withstand its rivals, forcing the XAU / USD to reverse its daily rise.
US data on Thursday showed that the initial jobless claims for the week ending August 7 fell by 12,000 to 375,000. Moreover, the US Bureau of Labor Statistics reports that the producer price index for final demand in July rose to 7.8% year on year from 7.3% in June. Although this reading exceeded the market expectation of 7.3%, it failed to generate a noticeable market response.
The University of Michigan Preliminary August Consumer Price Index on Friday will be the only data to be shown by the US Doctor of Economics, suggesting that the XAU / USD is likely to be out of direction ahead of the weekend.
Technical perspective of gold
The Relative Strength Index (RSI) is hovering below 40 on the daily chart, indicating that the outlook remains volatile in the near future after gold adjusted its sell-off.
On the downside, initial support is at $ 1,730 (static level), from $ 1,720 (August 10 low) to $ 1700 (psychological level).
On the other hand, $ 1,760 equals the first static resistance. If the XAU / USD manages to close the daily level շրջ turn it into support, it could target $ 1,785 (static level) before $ 1,795 (20-day SMA) և $ 1800 (psychological level).
Additional levels to watch
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