Gold Price Analysis: Monday’s Doji keeps $1625 on radar
|- Gold prices remain positive after marking the trend reversing candlestick formation the previous day.
- 50-day SMA acts as short-term key support while lows marked on February 25/26 lure the buyers.
Despite repeated failures to take out $1,600, Gold prices remain 0.84% positive to $1599 while heading into the European open on Tuesday.
The yellow metal portrayed a trend-reversing candlestick formation on the daily chart on Monday, which in turn indicates the recovery in contrast to Friday’s slump.
That said, lows marked on February 25/26 around $1.625 seem to be on the short-term buyers’ radars.
Though, a sustained break of $1,625 enables the bulls to question $1,666 and $1,690 while targeting $1,700 during the further upside.
On the contrary, the bullion’s weakness below 50-day SMA level of $1,570 will drag it to 61.8% Fibonacci retracement of its run-up from November 2019 to February 2020, at $1,539.
It's worth mentioning that the upcoming conference call betwene the G7 leaders, around 12:00 GMT, will be the key to forecast gold price moves.
Gold daily chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.