Gold technical analysis: The metal breaks below the 1,500 handle after US CPI, eyes on trade

The US Core Consumer Price Index (CPI) came out as expected at 2.4% YoY.
The metal is breaking below the 1,500 psychological mark as the market is mood is improving.

Flavio Tosti Independent Analyst

Gold four-hour chart

The yellow metal is trading below the 100 and 200-day simple moving average (SMA) while challenging the 1,500 mark. A break below $1,500 a troy once can expose the 1,490 swing low. Further weakness below that point can lead to the 1,475 and 1,460 support levels if the sellers gather enough steam. On the flip side, a daily close above 1,510 would be seen as bullish and 1,520 and 1,535 resistances could be back into play.

Additional key levels

XAU/USD

Overview
Today last price	1502.4
Today Daily Change	-3.20
Today Daily Change %	-0.21
Today daily open	1505.6

Trends
Daily SMA20	1501.16
Daily SMA50	1504.75
Daily SMA100	1440.37
Daily SMA200	1368.54

Levels
Previous Daily High	1511.4
Previous Daily Low	1500.1
Previous Weekly High	1519.04
Previous Weekly Low	1455.5
Previous Monthly High	1557.03
Previous Monthly Low	1464.61
Daily Fibonacci 38.2%	1504.42
Daily Fibonacci 61.8%	1507.08
Daily Pivot Point S1	1500
Daily Pivot Point S2	1494.4
Daily Pivot Point S3	1488.7
Daily Pivot Point R1	1511.3
Daily Pivot Point R2	1517
Daily Pivot Point R3	1522.6

Author

Flavio Tosti

Independent Analyst

EUR/USD revisits 1.1780, or daily lows

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to reach daily troughs on Thursday. The pair’s decline comes in response to a sudden bout of USD strength amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD makes a U-turn, challenges 1.3500

GBP/USD rapidly leaves behind Wednesday’s strong advance, putting the 1.3500 support to the test on Thursday. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold sticks to the bid bias, flirts with $5,200

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The precious metal adds to Wednesday’s optimism despite the Greenback trades in a firm fashion, although geopolitical tensions in the Middle East keep the yellow metal bid for now.