Gold Price Analysis: XAU/USD consolidated around $1,735 level, Powell’s speech awaited
Gold remained depressed through the Asian session on Thursday, albeit lacked any strong follow-through selling. The commodity was last seen hovering around the $1,735 region, above the overnight swing lows.
The precious metal stalled its intraday retracement slide from the $1,745-46 supply zone and managed to find some support near the $1,730 area on Wednesday. Minutes from the latest FOMC meeting held on March 16-17 confirmed that the central bank is not rush to hike rates. This was seen as a key factor that extended some support to the non-yielding yellow metal.
|Today last price||1738.31|
|Today Daily Change||0.51|
|Today Daily Change %||0.03|
|Today daily open||1737.8|
|Previous Daily High||1744.42|
|Previous Daily Low||1730.7|
|Previous Weekly High||1733.24|
|Previous Weekly Low||1677.98|
|Previous Monthly High||1759.98|
|Previous Monthly Low||1676.87|
|Daily Fibonacci 38.2%||1735.94|
|Daily Fibonacci 61.8%||1739.18|
|Daily Pivot Point S1||1730.86|
|Daily Pivot Point S2||1723.92|
|Daily Pivot Point S3||1717.14|
|Daily Pivot Point R1||1744.58|
|Daily Pivot Point R2||1751.36|
|Daily Pivot Point R3||1758.3|
Gold Price Analysis: XAU/USD looks to retest $1730 as USD holds firmer with yields
Having faced rejection above $1740 on several occasions, Gold (XAU/USD) lost ground on Wednesday, now heading towards $1730 amid higher US dollar as well as Treasury yields.
Gold remains on the defensive, as the greenback holds the higher ground amid a tepid risk tone, as Treasury yields resume its uptrend on hopes of President Joe Biden’s $2.25 trillion infrastructure plan making it through Congress.
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