Spot Gold Price Forecast & Analysis 01 March 2021 : Gold price’s last decline stopped at $1716.00 level, to rebound bullishly and begins recovering now, as it surpassed the intraday bearish channel’s resistance that appears on the chart and opens the way to continue the rise in the upcoming sessions, on its way to test $1760.00 mainly.
Gold Price Forecast & Analysis
Therefore, the bullish bias will be expected for today, being aware that we need to monitor the price behavior when reaching the waited target, as breaching it will lead the price to achieve more gains that reach $1800.00 as a next station, while the expected rise will remain valid unless breaking $1740.00 and holding below it.
The expected Spot gold trading range for today is between $1724.00 support key level and $1770.00 resistance key level.
Gold rebounded after its biggest monthly slump since late 2016 as the dollar retreated and investor focus remained on bond yields and the outlook for growth.
Last week’s sell-off in global bonds stabilized after central banks from Asia to Europe provided reassurance that policy support remains in place. That’s helped to somewhat calm markets and pull Treasury yields back from their highest level in a year. Bets on accelerating inflation are raising concerns that there could be a pullback in monetary policy support despite assurances from the Federal Reserve that higher yields reflect economic optimism for a solid recovery.
Gold is rising “on expectations that Treasury yields have peaked for the time being,” said Avtar Sandu, a senior manager for commodities at Phillip Futures Pte. “Deep corrections of prices due to short-term fluctuations are viewed as buying opportunities.”
Bullion’s had a rocky start to the year as the higher Treasury yields weighed on demand for the non-interest-bearing metal and as the roll-out of vaccinations worldwide spurred optimism about a recovery from the pandemic. Over the weekend, the US House of Representatives passed President Joe Biden’s $1.9 trillion Covid-19 aid package and the bill now heads to the Senate.
Spot Gold price trend for today: Sideways