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  • Correction to $1,966 leads to a sharp rebound to fresh highs.
  • Next in line appears the $2,000 area for XAU/USD.

Gold turned to the upside after falling to $1,966/oz and jumped to $1,990.30 hitting a fresh record high. It is trading near the high with the bullish momentum intact.

The move higher took place amid a pullback of the US dollar across the board. The greenback was extending yesterday’s positive momentum but it eased after the beginning of the American session. The DXY is off highs and in neutral territory of the day, around 93.50 after rising earlier above 93.80.

US stocks turned positive while at the same time US yields printed fresh lows helping XAU/USD. The US 10-year yield fell to 0.515%, the lowest since mid-March.

Silver outperforming

While gold rises almost 1%, silver prices are up around 3%. XAG/USD rose almost a dollar over the last hour. It climbed back above $25.00 and peaked at 25.22, a one-week high

The positive tone around metals remains intact and it appers to be gaining momentum after the correction of the previous sessions.

XAU/USD Levels