Gold buyers need acceptance beyond $1,800, FOMC Minutes eyed
Gold rises for the fifth straight day even as market sentiment dwindles. In doing so, the yellow metal keeps the previous day’s upside break of 100-DMA amid recovering oscillators. This in turn joins the market’s cautious mood ahead of the FOMC minutes. Given the US dollar pullback adding to the aforementioned catalysts, gold prices remain ready to battle a horizontal area from late February, around $1,815. However, any further upside beyond the same will be challenged by the 200-DMA level of $1,829. Also acting as the key hurdle are multiple resistance levels from January 20 surrounding $1,870.
Meanwhile, a daily closing below the 100-DMA level of $1,789 will recall the gold sellers. Though, March’s top near $1,755 and the recent low of $1,750 could test the bears afterward. In a case where gold fails to rebound from the mid-$1700s, $1,723 and the $1,700 threshold may challenge further downside ahead of the yearly low around $1,677-78.
Meanwhile, a daily closing below the 100-DMA level of $1,789 will recall the gold sellers. Though, March’s top near $1,755 and the recent low of $1,750 could test the bears afterward. In a case where gold fails to rebound from the mid-$1700s, $1,723 and the $1,700 threshold may challenge further downside ahead of the yearly low around $1,677-78.