Gold Snaps a 3 Day Down Streak

The Daily View for Gold

  • At the time of this writing, XAUUSD’s price is up $10.09 (0.53%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
  • Divergence between XAUUSD’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in XAUUSD’s price.

Below is a daily price chart of Gold.


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Gold remains on the back foot around fortnight low, after three-day downtrend.Market sentiment is turning positive amid a rebound in global equities.Treasury yields seesaw around mid-2019 peak, S&P 500 Futures differs from upbeat Wall Street close during sluggish Asian session.Fed March Preview: Gold needs a dovish Fed to regain tractionUpdate: Gold (XAU/USD) is hovering around Tuesday’s low at $1,907.13 as investors are anxious ahead of the announcement of the interest rate decision by the Federal Reserve (Fed). Usually, a continuous price action near the previous trading session’s low denotes the build-up of significant offers and more weakness going forward. Although it is very much clear that Fed Chair Jerome Powell and his colleagues are left with no other option than feature an interest rate hike to curtail the soaring inflation, the catalyst to which investors are getting curious is the extent of hawkish stance to be taken by the Fed.Meanwhile, the 10-year US Treasury yields have sensed barricades near 2.15% amid rising uncertainty over the Fed’s monetary policy. The US dollar index (DXY) is trailing the yields and has struggled to sustain above 99.00. Moreover, positive cues from the Asian markets have squeezed the safe-haven appeal.Apart from the Fed’s monetary policy announcement, US Retail Sales will also be released on Wednesday. A preliminary estimate at 0.4% is indicating underperformance in lieu of the previous print at 3.8%.End of UpdateGold (XAU/USD) portrays the fourth consecutive daily loss near $1,917 while poking the monthly low, despite being inactive during Wednesday’s Asian session. The yellow metal’s losses could be linked to the firmer US Treasury yields and the market’s anxiety ahead of the top-tier events.That said, the US 10-year Treasury yields ended Tuesday unchanged despite r…