Heading into a new week this Monday, gold price is back in the red zone. $1,935 holds the key for gold price. The next crucial support is seen at the 23.6% Fibo level at $1,935.
Gold price is defending the critical upward-sloping 200-Simple Moving Average (DMA) at $1,914 on the four-hour chart. Gold price would resume the downward momentum on a break under the latter.
Gold price fell over 1% on Tuesday after the U.S. Federal Reserve Chair Jerome Powell hinted at big rate hikes down the year to curb soaring inflation, sending Treasury yields higher. Gold price is highly sensitive to rising U.S. interest rates, as they increase the opportunity cost of holding non-yielding bullion.
Gold Price Today: Amidst the hawkish Fed’s outlook and the Russia-Ukraine stand-off, gold price is struggling to find a clear direction. The bright metal continues to gyrate in a $20 narrow range so far this week, looking for a decisive break in either direction.
Gold price advances slowly but steadily as investors continue to dump the greenback. The gold price is trading near a daily high fo $1,949.78 a troy ounce, still down for the week as it started it at $1,988.44.
Gold price remains in the hands of buyers this Thursday, following a decent comeback amidst a hawkish Fed and worries over the Russia-Ukraine peace talks. Concerns over risks to global economic growth play out and influence gold price, in the aftermath of the Fed decision, as the focus remains on the ongoing Russia-Ukraine peace talks.
Gold price fell sharply today, extending a three-day downtrend. March lows remain in sight near $1,900 ahead of the much-awaited outcome of the March Federal Reserve meeting.
Gold Price Forecast: Gold price have slipped near $1,940 as investors are waiting for the announcement of the interest rate decision by the Federal Reserve (Fed). Fed Chair Jerome Powell is likely to stand with the testimony’s announcement of a 25-basis point (bps) rate hike in the monetary policy on Wednesday.
Gold price is trying to settle below the support level at $1975 as the pullback from the yearly highs continues. The new round of negotiations between Russia and Ukraine has just begun, but it remains to be seen whether it will bring any breakthroughs.
Gold Price accelerated its slump early in the US session and traded as low as $1,975.67 a troy ounce roughly $95 down from Tuesday’s multi-month high. What began as a corrective decline has become some rushed profit-taking after the bright metal rallied sharply in the last couple of days.