Gold tumbled on Tuesday, completely erasing last month's gains and inching closer than ever to the 50-day simple moving average, a key support indicator that sits slightly above the $2,010 area. The bulls must defend this technical zone; Failure to do so could trigger a move to $1,990, followed by $1,975.
On the other hand, if the buyers return and create a bullish reversal, resistance will appear at $2,045-$2,050. Removing this cap decisively may be difficult, but a breakout could create the right conditions for a rally to $2,085, the late December peak.
On the other hand, if the buyers return and create a bullish reversal, resistance will appear at $2,045-$2,050. Removing this cap decisively may be difficult, but a breakout could create the right conditions for a rally to $2,085, the late December peak.
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The catalyst for Tuesday's move was the Fed's recent reassessment of monetary policy, which has become extremely dovish. Comments from Fed Governor Christopher Waller that policymakers should not rush to cut interest rates until it is clear that lower inflation can be sustained have bolstered market momentum, continuing to pressure force on gold prices.
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RUNNING +70 pips
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