Meanwhile, the Gold price weakness below the immediate $1,837 support has an open space towards the south unless hitting the previous monthly low surrounding $1,825.įollowing that, the previous weekly low and Pivot Point one week S1 could entertain the XAU/USD bears around $1,819-17 before highlighting the $1,800 threshold. That said, the metal’s latest weakness could be linked to the pullback from another key technical level, namely $1,845 that comprises Fibonacci 61.8% one-day, previous high on four-hour and the upper Bollinger on 15-minutes.Īlso acting as a short-term important resistance is the 200-HMA, Pivot Point one-day R2 and Pivot Point one-month S1, close to $1,852. The Technical Confluence Detector shows that the Gold price attacks the short-term key support near $1,837, comprising Pivot Point one day S1, 50-HMA and previous lows on the four-hour, one-hour and one-day. In addition to the cautious mood and fears of higher Fed rate, technical confluence also keeps Gold bears hopeful.Īlso read: Gold Price Forecast: XAU/USD sellers lurk at $1,850, downside remains favored Gold Price: Key levels to watch Also important is Wednesday’s Federal Open Market Committee’s (FOMC) Monetary Policy Meeting Minutes. It’s worth noting, however, that the cautious mood ahead of the preliminary readings of the US Purchasing Managers Index (PMI) data for February seems to challenge the Gold price. On the same line are fresh concerns over the Federal Reserve's (Fed) hawkish move, following the strong US data. That said, geopolitical fears surrounding China and Russia seem to propel the latest rush toward risk safety. Adding strength to the greenback, as well as weighing on the XAU/USD, could be the upbeat US Treasury bond yields. Gold price (XAU/USD) retreats towards the previous weekly low, also the lowest since late December, as risk aversion joins the return of full markets to underpin the US Dollar. Global PMIs, Fed Minutes eyed for clear directions amid bearish bias.Sour sentiment, full markets underpin US Dollar rebound and weigh on XAU/USD amid firmer yields.Gold bears flirt with intraday low during two-day losing streak, fades Friday’s bounce off seven-week low.
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