XAUUSD COULD NOT EXCEED 1790 RESISTANCE!

While the first trading day of the week was very calm in terms of data flow, the Ounce Gold side increased by 11% since February 25, the highest rate of up to 1782, due to the bond interest rates, which entered into the potential to withdraw last week. Risk appetite in the markets continues to be positive, especially since the US ten-year bond yields are below 1.6%. In the USA, weekly unemployment wage applications decreased to 576 thousand people, the lowest figure seen after the epidemic, breaking the upward trend we knitted in recent weeks. On the other hand, it can be said that positive dynamism in the markets increased with the increase of Michigan Consumer Confidence over the last 1 year. While the growing optimism that economic activities will recover faster than expectations after the epidemic is supported by the announced macroeconomic data, it is seen that the sudden premium in the dollar is faced with a retreat acceleration. Following all these developments, we can see that rising demand for safe products, which has been weak for a while, has increased.

Even though factors such as increasing tension between the USA and Russia and the global chip crisis partially undermine the risk appetite in the markets, it can be said that the economies have left the worst scenario for the COVID-19 outbreak. We see that the company balance sheets announced in the USA are parallel to this view.

After all these developments, the decreases in the precious metal that climbed above the 1770 level may be limited due to the staying above this level. Especially in the continuation of this levels, we follow the rising potential of the commodity gradually within the frame of 1790 and 1815 resistance levels. However, it is worth paying attention to the closures below the support level of 1765. We continue to consider the 1745 and 1725 support thresholds in this sub-level thaw.