Gold Price Analysis: XAU/USD rolling into Asia below $1465/oz

Gold is ending Tuesday’s New York session just below the 1465 resistance level.
Support can be seen at the 1455/50 price zone.

Flavio Tosti Independent Analyst

Gold daily chart

Gold is hovering near four-month lows while trading below the 1465 resistance and its 50/100 SMAs. However, traders should be aware that the FOMC on Wednesday could lead to high volatility.

Gold four-hour chart

Tuesday’s bullish attempt failed below the 1472 resistance level. Bulls would need a daily close above that level to attract further buying interest. On the flip side, below the 1465 resistance and the 50/100 SMAs, the metal could remain vulnerable to the downside as bears will likely try to push prices down towards the 1455/50 price zone.

Additional key levels

XAU/USD

Overview
Today last price	1464.57
Today Daily Change	3.57
Today Daily Change %	0.24
Today daily open	1461

Trends
Daily SMA20	1465.51
Daily SMA50	1481.5
Daily SMA100	1487.66
Daily SMA200	1405.88

Levels
Previous Daily High	1465.4
Previous Daily Low	1458.82
Previous Weekly High	1484.06
Previous Weekly Low	1454.05
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1462.88
Daily Fibonacci 61.8%	1461.33
Daily Pivot Point S1	1458.08
Daily Pivot Point S2	1455.15
Daily Pivot Point S3	1451.49
Daily Pivot Point R1	1464.66
Daily Pivot Point R2	1468.32
Daily Pivot Point R3	1471.25

Author

Flavio Tosti

Independent Analyst

EUR/USD stays well offered below 1.1800

The selling pressure on EUR/USD is picking up pace, with the pair slipping decisively below the key 1.1800 level and sliding to fresh two week lows as Wednesday’s session draws to a close. The move lower comes as the US Dollar finds renewed strength after the latest round of US data and the release of the FOMC Minutes. Next of note on the docket will be the US weekly Initial Jobless Claims.

GBP/USD reaches multi-day lows near 1.3500

GBP/USD reverses its initial upside momentum and is now adding to previous declines, approaching the 1.3500 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold battle to regain $5,000 continues

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and challenging two-day highs near the $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Bitcoin has found or is near a bottom, extended consolidation to follow: K33

Bitcoin (BTC) is nearing or has already established a bottom, which could be followed by a sustained period of slow price movement, according to K33.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.