Gold depressed on USD strength, improved market mood

Multi-day lows for Gold, damaged by the strong US Dollar
Yellow metal back to pre-Feb 15th big spike levels

Jordi Martínez FXStreet

Gold spot price is trading around 4-day lows just below the 1330 mark, down 1.20% on the day. The yellow metal is seen as the biggest loser of the shift in the market sentiment, with the US Dollar in the green while US stock markets show a mixed picture. US Yields also continue to gain, with the three short term bill and the 2-year note auctions all coming with increasing returns for the bidders, which adds to the positive mood during the current American trading session.

The Gold spot price accelerated its fall around the opening of Wall Street, coming down from an intraday high at 1343.30 to below $1330 in barely one hour and has been trading around that level since.

Technical levels

The current price level of 1329.75 matches an old support from last Thursday, February 15th, the last one before the big spike the yellow metal saw that day. If lost, 1322.28 and 1316.56 could be in play. On the other hand, if the price action shifts to the upside, the troy ounce value could meet resistance at 1335.97, previous intraday support before testing 1343.30, today’s high.

Author

Jordi Martínez

FXStreet

Jordi Martínez is the Editor in Chief at FXStreet, leading editorial operations at the company, before being promoted to the role in 2023, he worked in several editorial positions at FXStreet, including roles as Senior

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