Gold (XAU/USD) closes in on the psychological $1750 mark amid a broad-based sell-off in the US dollar, as the Treasury yields resume their corrective declines.

The US stimulus passage and receding inflation fears fail to bode well for the rates, in turn, benefiting the non-yielding gold.

From a short-term technical perspective, gold’s hourly chart confirmed a golden cross that followed a strong move to the upside. A golden cross is represented when the 50-hourly moving average (HMA) crosses the 200-HMA from below.

Although the XAU bulls need to clear the horizontal trendline (orange) resistance at $1741 to unleash additional gains.

The next barrier awaits at the aforesaid $1750 mark, above which the March 1 high at $1760 could be challenged.

The Relative Strength Index (RSI) has eased off highs while trending within the overbought region, suggesting that the price could see a minor pullback before it resumes the recovery momentum.  

Gold Price Chart: One-hour

On the flip side, the bullish 21-HMA at $1728 could offer some temporary support to the buyers.

The next downside target for the bears is seen at $1719, the upward-sloping 50-HMA. Further south, the 200-HMA cushion at $1715 could be put to test.


Today last price 1739.50
Today Daily Change 13.51
Today Daily Change % 0.78
Today daily open 1725.54
Daily SMA20 1759.71
Daily SMA50 1818.68
Daily SMA100 1842.47
Daily SMA200 1859.9
Previous Daily High 1726.37
Previous Daily Low 1708.22
Previous Weekly High 1759.98
Previous Weekly Low 1687.37
Previous Monthly High 1871.9
Previous Monthly Low 1717.24
Daily Fibonacci 38.2% 1719.44
Daily Fibonacci 61.8% 1715.15
Daily Pivot Point S1 1713.72
Daily Pivot Point S2 1701.89
Daily Pivot Point S3 1695.57
Daily Pivot Point R1 1731.87
Daily Pivot Point R2 1738.19
Daily Pivot Point R3 1750.02

NEWS | 3/11/2021 9:10:36 AM GMT | By Dhwani Mehta

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