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  • Gold pulled back to $1700 and quickly bound back, hitting fresh highs.
  • US dollar under pressure again, despite higher US yields; Wall Street extends rally.

Gold printed fresh daily highs after a short-lived correction to $1700 following the beginning of the American session. XAU/USD trades at $1722, the highest since Wednesday’s European session.

The precious metal is rising after falling during two consecutive days. It found support again above $1690 that has become a critical barrier. A firm break below should clear the way to more losses.

So far, XAU/USD avoided a consolidation under $1700 and rebounded despite higher US yields and the rally in Wall Street. The greenback itself is not receiving support from yields on Thursday. The DXY resumed the decline and tumbled to the lowest since mid-March under 97.00.

US data showed initial jobless claims dropped again but remained near two million, reflecting a dramatic situation in the labour market. On Friday, the non-farm payroll report is due.

Technical levels