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Home Forex News

Gold trades in red below $1,840

Admin by Admin
February 21, 2023
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Central Bank Gold Purchases Remain Steady Despite Potential Challenges in 2023
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Gold price stays on the back foot on Tuesday and trades below $1,840. The benchmark 10-year US Treasury bond yield is up more than 2% on the day above 3.9% following the robust US PMI data, making it difficult for XAU/USD to stage a rebound.

The Technical Confluence Detector shows that the Gold price attacks the short-term key support near $1,837, comprising Pivot Point one day S1, 50-HMA and previous lows on the four-hour, one-hour and one-day.

That said, the metal’s latest weakness could be linked to the pullback from another key technical level, namely $1,845 that comprises Fibonacci 61.8% one-day, previous high on four-hour and the upper Bollinger on 15-minutes.

Also acting as a short-term important resistance is the 200-HMA, Pivot Point one-day R2 and Pivot Point one-month S1, close to $1,852.

Meanwhile, the Gold price weakness below the immediate $1,837 support has an open space towards the south unless hitting the previous monthly low surrounding $1,825.

Following that, the previous weekly low and Pivot Point one week S1 could entertain the XAU/USD bears around $1,819-17 before highlighting the $1,800 threshold

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