The spot gold (Yellow Metal) settled below the $1790 mark and edged lower through the Asian session on Thursday, marking the second successive day of a negative move.
Investors still believe that the Fed would begin rolling back its massive pandemic-era stimulus later this year, which, in turn, continued weighing on the precious metal. So the most important event for gold prices will be the upcoming FOMC meeting on September 20-21. In the meantime, worries about the fast-spreading Delta variant and a global economic slowdown might help limit the downside.
The market concerns resurfaced on Wednesday after disappointing Chinese macro data, which underscored the recent signs of slackening economic momentum in the world’s second-largest economy.
Market participants now look forward to Thursday’s US economic docket, highlighting the release of monthly Retail Sales figures, Philly Fed Manufacturing Index and Weekly Initial Jobless Claims. The data, along with the US bond yields, will influence the USD price dynamics. Apart from this, the broader market risk sentiment could provide some impetus to the gold.
Gold Technical Reports & Outlook
Gold extended the previous day’s rejection slide from the very important 200-day SMA and witnessed some follow-through selling for the second successive session on Thursday.
From a technical perspective, the overnight rejection slide from the very important 200-day SMA and acceptance below the $1790 mark might have shifted the bias back in favour of bearish traders. That said, it will still be prudent to wait for some follow-through selling below the monthly swing lows before positioning for any further depreciating move.
A convincing break below the $1,780 area would set the stage for a deeper retracement to the $1750 level. The downward trajectory could further get extended towards the $1723—1718 intermediate support before gold prices eventually drop to the $1703 mark.
On the flip side, any meaningful positive move back above the $1,806 mark might continue to confront stiff resistance near the $1820 region (200-DMA). A sustained strength beyond has the potential to lift the metal back towards the $1835 heavy supply zone. The latter marks the multiple-tops barrier, which if cleared decisively should pave the way for a move towards the $1858 region en-route the next relevant resistance near the $1895 key zone.
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