- Gold ( Yellow Metal) drops to its lowest level since April 2020 as the relentless USD buying remains unabated.
- The prospects for more aggressive Fed rate hikes, elevated US bond yields underpin the buck.
- Recession fears weigh investors’ sentiment and limit losses for the safe-haven gold (Yellow Metal).
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MCX Gold Tips For Today: Gold prices have breached, and continue to trade below the psychological level of $1649, largely because of a surging dollar index, which sits on a new high of 113.567, and an overtly hawkish outlook painted by the US Fed.
From a technical perspective, Friday’s downfall confirmed a breakdown through a one-week-old consolidative trading range. This might have already set the stage for additional losses, suggesting that any meaningful recovery move still be seen as a selling opportunity. Hence, a subsequent fall towards the next relevant support, around the $1,600-$1,590 region, now seems a distinct possibility.
On the flip side, the trading range support breakpoint, around the $1.656 area, now seems to act as an immediate hurdle. Sustained strength might trigger a short-covering move, though it risks fizzling out rather quickly near the $1,675-$1.676 supply zone. Some follow-through buying, however, will negate the near-term negative bias and pave the way for additional gains, allowing bulls to aim back to reclaim the $1.700 round-figure mark.
