Gold Price: Poised to challenge a critical support at 1,803.70. Markets welcome US Pres. Biden’s decision to nominate Powell for Fed Chair, Clarida as vice Chairman.
Gold (XAU/USD) defends the $1,800 threshold following the heaviest daily fall in over 10 weeks.
=> Long if 1803 become a fail breakout. That said, the yellow metal picks up bids to $1,817 , 1826 and 1840. It should be noted, however, that gold’s weakness past the DMA convergence, around $1,794-92, will be challenged by the 38.2% Fibonacci retracement (Fibo.)
=> Meanwhile, 50% Fibo. level of $1,817 may challenge gold’s corrective pullback, if any, before the stated support-turned-resistance near $1,840.
Gold (XAU/USD) defends the $1,800 threshold following the heaviest daily fall in over 10 weeks.
=> Long if 1803 become a fail breakout. That said, the yellow metal picks up bids to $1,817 , 1826 and 1840. It should be noted, however, that gold’s weakness past the DMA convergence, around $1,794-92, will be challenged by the 38.2% Fibonacci retracement (Fibo.)
=> Meanwhile, 50% Fibo. level of $1,817 may challenge gold’s corrective pullback, if any, before the stated support-turned-resistance near $1,840.