- Gold rebounds sharply from two week lows, hit two day highs.
- Gold volatility is skyrocketing but remains limited for some assets ahead of the Jackson Hole Symposium.
So far, gold prices have risen by over $ 40 an ounce during the US session. XAU / USD hit a low of $ 1,902 / oz following the release of US economic data, in line with the USD peak. From the $ 1,900 area it has rebounded strongly and is trading at $ 1,944, the highest level since Monday.
A pullback in the US dollar at all levels triggered the rally in the XAU / USD. The DXY spent most of its time in positive territory, but failed to hold its gains. It peaked at 93.36 after the better-than-expected US durable goods orders report, and is now poised to drop below 93.00.
On Wall Street, stock prices are mixed. The Nasdaq and S & P500 hit new highs and are up 0.95% and 0.35% respectively, but the Dow Jones is down 0.21%. Crude Oil is also on a volatile session. WTI is slightly lower for the day after hitting a new multi-month high at $ 43.75.
money also rebounded sharply on American hours. XAG / USD found support at $ 26.00, and it printed a daily high above $ 27.00. He wins 2.65%.
From a technical standpoint, the rally in gold strengthened the $ 1,900 area as critical near-term support. Positive intraday momentum will likely stay in place above $ 1,930. The next resistance is at $ 1950/55. A consolidation above would open the door to more gains.