Gold Seller Waiting For The Next Lower Level, US Q4 GDP

Gold price is kissing its near weekly lows of $1,809.35, the Fed decision while waiting for the US advance Q4 GDP and Durable goods data. The US economy is likely to have regained steam in Q4, 2021, as the growth is seen at the best level in 37 years, arriving at 5.4% YoY.

Gold Bearish Remains Intact

The bearish tone around gold remains intact, as the two-year Treasury yields jump to 23-month highs while the ten-year rates hover near-weekly top on the Fed’s hawkish rhetoric. The slump in the Asian stocks combined with the yields-led US dollar strength exacerbates the pain in gold price.

Geopolitical Tensions

Meanwhile, easing geopolitical tensions around Ukraine, especially after the US said it had set out a diplomatic path to address sweeping Russian demands in eastern Europe, weigh negatively on the traditional safe-haven gold.

Going forward, a fresh batch of top-tier US economic releases will be closely followed for fresh trading opportunities in gold price. Additionally, Fedspeak and the Russia-Ukraine developments will also remain on traders’ radars.

Gold price faced rejection at the upper boundary of a month-long rising wedge formation, then aligned at $1,853.

Rejection at that level prompted a sharp correction in gold price, knocking off the healthy support levels towards $1,810, which is the January 19 lows.

A sustained break below the latter is needed to test the critical support near $1,805, where the 200-Daily Moving Average (DMA) and the 50-DMA coincide, having confirmed a death cross earlier this week. That level also brings in the wedge support line.

The 14-Relative Strength Index (RSI) is pointing slightly lower, below the midline, allowing room for more declines.

• Silver Market Longer-Term Bullish Bias Maintained | Neal Bhai
• Gold prices had coiled into a falling wedge pattern but a failed break has muddied the outlook
• Gold CME Made Falling Wedge Pattern Hurdel 1297—1300 Above Market Can Test 1306, Where Can Take “R” Turn or Beear Phase; Neal Bhai Reports (NBR) By CFA’s and MFA’s Technical Team
• For Nine years the $1,920 level loomed large for Gold prices, As this was the prior All-Time-High set in 2011
• Gold Down on Dollar Strength, Easing North Korea Tensions

सोशल मीडिया अपडेट्स के लिए हमें
Facebook ( https://www.facebook.com/goldsilverreports/ )
linkedin (https://www.linkedin.com/in/nealbhai/ )
 और Twitter ( https://twitter.com/goldsilverrepor ) पर फॉलो करें।

हमारी फ्री सर्विस और लोगो की paid सर्विस से कई गुना अच्छी है।
आपको हर दिन दिए जाएंगे 3 से 5 कॉल बिलकुल फ्री
हर CALL में PROFIT दिये जायेंगे
तो जल्दी से MCX CHANNEL को JOIN कर लो (NEAL BHAI REPORTS)
JOIN US CLICK HERE

EQUITY CHANNEL को JOIN कर लो (EQUITY FREE TIPS)
JOIN US CLICK HERE