Fundamental Descriptions: Gold was down on Wednesday morning in Asia, with the dollar continuing its retreat from a 20-year high and countering pressure from stronger Treasury yields. Gold drops for the second consecutive day, taking offers around 1808 to refresh the intraday low heading into Wednesday’s European session, as sour sentiment joins the firmer US dollar. The market’s early-week optimism fades as China reports higher covid cases. Having faced rejection at the critical 200-Daily Moving Average (DMA) of 1836, Gold Price changed its course and resumed the ongoing downtrend.
Technical View: Gold drops for the second consecutive day, taking offers around 1808 to refresh the intraday low heading into Wednesday’s European session, as sour sentiment joins the firmer US dollar.
The immediate support is now seen at the 1800 mark, below which the multi-month lows of 1787 can be seen.
Alternate Scenario: Any recovery attempt will eye a retest along the level of 1831.
Technical View: Gold drops for the second consecutive day, taking offers around 1808 to refresh the intraday low heading into Wednesday’s European session, as sour sentiment joins the firmer US dollar.
The immediate support is now seen at the 1800 mark, below which the multi-month lows of 1787 can be seen.
Alternate Scenario: Any recovery attempt will eye a retest along the level of 1831.