- Gold drops as dollar gains on Fed statement.
- The yellow metal risks falling to its 50-day SMA support.
Gold is feeling the pull of gravity on Thursday with the US dollar gaining ground against major currencies.
The yellow metal is trading near $1,950 at press time – down 0.5% on the day. Meanwhile, the dollar index, which gauges the greenback's value against majors, is up 0.30% at 93.41.
The dollar seems to be drawing bids on the back of the not-so-dovish Fed statement released Wednesday.
From a technical analysis perspective, gold looks south, having faced rejection at the top end of a one-month-long descending triangle for the second straight day on Wednesday.
The 50-day simple moving average (SMA) at $1,931 could offer support, which, if breached, would expose the lower end of the descending triangle, currently at $1,909.
Alternatively, a daily close above Wednesday's high of $1,973 would revive the broader uptrend and open doors for a break above $2,000.
|Today last price||1950|
|Today Daily Change||-3.72|
|Today Daily Change %||-0.50|
|Today daily open||1959|
|Previous Daily High||1973.64|
|Previous Daily Low||1949.93|
|Previous Weekly High||1966.54|
|Previous Weekly Low||1906.62|
|Previous Monthly High||2075.32|
|Previous Monthly Low||1863.24|
|Daily Fibonacci 38.2%||1964.58|
|Daily Fibonacci 61.8%||1958.99|
|Daily Pivot Point S1||1948.07|
|Daily Pivot Point S2||1937.15|
|Daily Pivot Point S3||1924.36|
|Daily Pivot Point R1||1971.78|
|Daily Pivot Point R2||1984.57|
|Daily Pivot Point R3||1995.49|
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