Gold Seller Waiting For The Next Lower Level, US Q4 GDP

Gold price is kissing its near weekly lows of $1,809.35, the Fed decision while waiting for the US advance Q4 GDP and Durable goods data. The US economy is likely to have regained steam in Q4, 2021, as the growth is seen at the best level in 37 years, arriving at 5.4% YoY.

Gold Bearish Remains Intact

The bearish tone around gold remains intact, as the two-year Treasury yields jump to 23-month highs while the ten-year rates hover near-weekly top on the Fed’s hawkish rhetoric. The slump in the Asian stocks combined with the yields-led US dollar strength exacerbates the pain in gold price.

Geopolitical Tensions

Meanwhile, easing geopolitical tensions around Ukraine, especially after the US said it had set out a diplomatic path to address sweeping Russian demands in eastern Europe, weigh negatively on the traditional safe-haven gold.

Going forward, a fresh batch of top-tier US economic releases will be closely followed for fresh trading opportunities in gold price. Additionally, Fedspeak and the Russia-Ukraine developments will also remain on traders’ radars.

Gold price faced rejection at the upper boundary of a month-long rising wedge formation, then aligned at $1,853.

Rejection at that level prompted a sharp correction in gold price, knocking off the healthy support levels towards $1,810, which is the January 19 lows.

A sustained break below the latter is needed to test the critical support near $1,805, where the 200-Daily Moving Average (DMA) and the 50-DMA coincide, having confirmed a death cross earlier this week. That level also brings in the wedge support line.

The 14-Relative Strength Index (RSI) is pointing slightly lower, below the midline, allowing room for more declines.

Gold Price

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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