Gold Price Analysis: XAU/USD needs to crack $1784 resistance to revive the upside – Confluence Detector
Gold (XAU/USD) is back in the red this Tuesday, having failed to sustain at higher levels amid a recovery in the US against its major peers. Markets are turning risk-averse as the Fed begins its two-day monetary policy meeting later today while surging covid cases in emerging economies also underpin the safe-haven US dollar. Meanwhile, the renewed uptick in the US Treasury yields exerts additional downside pressure on the yieldless gold.
Gold Price Analysis: XAU/USD wobbles between monthly support line and 100-DMA
Following its bounce off an ascending support line from March 31, gold remains lackluster around $1,780 amid Tuesday’s Asian session. In doing so, the yellow metal stays depressed below 100-day SMA (100-DMA).
However, bullish MACD and the commodity’s ability to stay beyond the key short-term support line, as well as a crucial horizontal support area comprising multiple levels marked since February 19 keep gold buyers hopeful.
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