- Gold trades marginally higher in Asia as US yields decline.
- The metal's short-duration technical charts show scope for a corrective bounce.
Gold is trading near $1,773 per ounce, having put in a low of $1,765 in early Asia.
The minor bounce could be associated with the US 10-year Treasury yield's pullback from the 12-month high of 1.55% to 1.5%.
Gold's 15-minute chart shows a bullish divergence of the Relative Strength Index. Meanwhile, long tail attached to the current and the previous 4-hour candle signals bear fatigue.
As such, the metal could extend the recovery toward resistance at $1,780 – a lower high on the 15-minute chart. A violation there would expose the descending trendline.
The overall bias would remain bearish while prices are held under the Feb. 23 high of $1,816.
Trend: Corrective bounce
|Today last price||1773.94|
|Today Daily Change||4.24|
|Today Daily Change %||0.24|
|Today daily open||1769.7|
|Previous Daily High||1805.86|
|Previous Daily Low||1765.56|
|Previous Weekly High||1827.11|
|Previous Weekly Low||1760.72|
|Previous Monthly High||1959.42|
|Previous Monthly Low||1802.8|
|Daily Fibonacci 38.2%||1780.95|
|Daily Fibonacci 61.8%||1790.47|
|Daily Pivot Point S1||1754.89|
|Daily Pivot Point S2||1740.07|
|Daily Pivot Point S3||1714.59|
|Daily Pivot Point R1||1795.19|
|Daily Pivot Point R2||1820.67|
|Daily Pivot Point R3||1835.49|
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