Gold Price Technical Analysis – Target $1739.10 – $1744.30

Gold Price Technical Analysis: Gold futures are trading at their high of the session late Wednesday as Treasury yields eased after subdued consumer inflation data and an adequate 10-year Treasury bond auction. The drop in yields also drove the U.S. Dollar lower, making dollar-denominated gold more attractive to foreign buyers.

Gold Price Technical Analysis – Target

At 20:28 GMT, April Comex gold futures are trading $1723.70, up $6.80 or +0.40%. 10-year U.S. Treasury yields dropped after data showed U.S. consumer prices increased in February, though underlying inflation remained tepid.

U.S. Treasury yields were also pressured after key 10-year Treasury auction data showed enough demand to stave off fears of investors worried about a possible slump in demand for the government’s debt and a recent rapid rise in rates.

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Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1673.30 will signal a resumption of the downtrend. The main trend will change to up on a trade through $1815.20. The minor trend is also down. A trade through $1739.10 will change the minor trend to up.

This will also shift momentum to the upside. The market is trying to build support on the strong side of the long-term Fibonacci level at $1711.70. The short-term range is $1815.20 to $1673.30. Its 50% level at $1744.30 is the first upside target.

Gold Price Technical Analysis – Target $1739.10 – $1744.30 via @marketinvestor
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