Gold Technical Analysis: Gold Bears Await Daily Candlestick Confirmation

Gold Technical Analysis: Gold prices have been hovering near multi-day lows around the $1,950 mark early on Monday as sellers take a break before the next potential drop. This comes as the US Dollar recovers against other major currencies due to broad risk aversion and rising US Treasury bond yields. Last week, gold prices dropped from near $1,990 as the US Dollar gained momentum and despite the downtrend in US Treasury bond yields.

  • Gold Prices Drop Amid US Dollar Recovery and Inflation Fears.
  • Surging Oil Prices Rekindle Inflation Concerns, Gold Price Under Pressure.
  • Gold Bulls Find Support at Lower Levels Despite Broad Risk Aversion
  • Gold Price Recovery Requires Sustained Basis Above $1,985 Trendline Support.
  • Falling Trendline Resistance at $1,993 Presents Challenge for Gold Optimists.
  • Gold Price Dynamics Influenced by US Dollar and Broader Risk Sentiment.

United States ISM Manufacturing PMI Release to Impact Gold Prices

Looking ahead, gold traders will be watching for the release of the United States ISM Manufacturing PMI and Price Paid sub-component later in the North American session to gauge the strength of the US economy and its potential impact on the next Federal Reserve policy move. Meanwhile, inflation concerns are back in play with surging oil prices, and broader risk sentiment will also influence US Dollar and gold price dynamics. Speeches from Federal Reserve officials could also have an impact.

Gold Price Technical Analysis

Gold Price Technical Outlook: Gold bears need to see a daily candlestick close below $1,961 to confirm a downside break from a two-week-old pennant formation. If this happens, a fresh downswing toward the previous week’s low of $1,944 cannot be ruled out. On the other hand, with the 14-day Relative Strength Index (RSI) still above the midline, gold bulls may find support at lower levels. In case of a recovery, bulls will need to recapture the $1,961 trendline support on a sustained basis, with the next upside target at the $1,970 round figure. However, the falling trendline resistance at $1,993 will be a tough challenge for gold optimists.

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2 thoughts on “Gold Technical Analysis: Gold Bears Await Daily Candlestick Confirmation”

  1. सोना 1,980 डॉलर के ऊपर चढ़ गया, US ISM मैन्युफैक्चरिंग PMI रिपोर्ट के बाद बेंचमार्क 10-वर्षीय यूएस ट्रेजरी बॉन्ड यील्ड 3.5% से नीचे के दिन नकारात्मक हो गई, जिससे सोने में तेजी गति प्राप्त करने में मदद मिली।

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