Gold (Yellow Metal) Eyes Crucial Resistance: “The negative impact of the disappointing US labour market data is still being felt in the markets on Monday with the US Dollar Index slumping to its lowest level since late February near 90.00. Moreover, the benchmark 10-year US T-bond yield stays in the negative territory at 1.579% at the time of press, helping gold continue to find demand.”
“On the daily chart, the Relative Strength Index (RSI) indicator stays near 70. The last time RSI rose above that level back in early January, Gold staged a deep correction and lost more than 5% in less than a week. Although the yellow metal is unlikely to make a similar correction in the current fundamental setup, it could still retreat before the next leg up.”
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- Gold buyers defend $1,828 even as Friday’s run-up pauses for fresh push to the north.
- US NFP, Unemployment Rate backed Biden, Yellen and Fed to shrug off rate hike pressure.
- Equities, commodities cheered US dollar’s drop but lack of major reaction afterward confuse the bright metal bulls.
Gold (Yellow Metal) Eyes Crucial Support Key at $1,792
“On the downside, $1,815 (Fibonacci 50% retracement of the January-March downtrend) could be seen as the first support level ahead of $1,792 (psychological level, 100-day SMA). Only a daily close above the latter could discourage buyers and eliminate the near-term bullish outlook.”
“The initial target is located at $1,852, where the Fibonacci 61.8% retracement level meets the 200-day SMA. If gold manages to rise above that hurdle and turn it into support, it could aim for $1,864 (static level).”
(By Neal Bhai Reports / Gold Silver Reports)