Gold price attempts a fresh run towards $1,950 after Wednesday’s downfall.
Stagflation fears outweigh firmer Treasury yields to lift gold price northwards.
Will gold retest $1,950 on Russia-Ukraine peace talks 2.0, Powell?
Gold price extends its range play around the $1,930 level for the third consecutive day, reversing a part of Wednesday’s sell-off. Soaring oil prices, a fallout of the Russia-Ukraine crisis, have refueled stagflation concerns worldwide, reviving gold’s demand as a safe haven. Meanwhile, the US dollar continues to hold fort amid ongoing strength in the Treasury yields due to the hawkish Fed Chair Jerome Powell’s testimony. The next direction in gold price hinges on the outcome of round two of the Russia-Ukraine ‘peace talks’ while the US economic data will continue to play second fiddle.
Gold Price: Key levels to watch.The Technical Confluences Detector shows that gold price is battling minor resistance around $1,933, where the SMA10 four-hour aligns.
Recapturing the latter will cheer buyers, propelling the price towards $1,937, which is the confluence of the Fibonacci 61.8% one-week and one-day.Gold traders will create fresh buying opportunities above that level, triggering a fresh rally towards the pivot point one-day R1 at $1,945.
The $1,950 barrier remains the level to beat for gold bulls. At that point, the previous day’s high and pivot point one-week R1 coincide.Alternatively, a decisive break below the $1,930-$1,929 support area is needed to resume the previous downside momentum.
That zone is the convergence of the Fibonacci 23.6% one-month, Fibonacci 38.2% one-day and SMA5 four-hour.The next relevant support awaits at $1,922, the intersection of the intraday low, Fibonacci 23.6% one-day and Bollinger Band four-hour Middle.Gold bears will need to crack the $1,915 cap to take on the additional downside. The Fibonacci 38.2% one-week, the previous day’s low and SMA5 one-day meet at that point.
EUR/USD battles 1.1100 amid firmer USD, Ukraine crisis.EUR/USD is trading around 1.1100, undermined by the persistent demand for the safe-haven US dollar. US Treasury yields stabilize at higher levels, as investors turn anxious amid the Russia-Ukraine war and ahead of round 2 of peace talks.
EUR/USD News .GBP/USD struggles to hold above 1.3400 amid renewed USD strength.GBP/USD lost its traction during the European trading hours following a recovery attempt above 1.3400 earlier in the day. Ahead of Russia-Ukraine talks and FOMC Chairman Powell’s testimony, the souring market mood is helping the dollar gather strength against its rivals:
GBP/USD News ..Gold looks to $1,950 again ahead of Russia-Ukraine peace talks.Gold price extends its range play around the $1,930 level for the third consecutive day, reversing a part of Wednesday’s sell-off. Soaring oil prices, a fallout of the Russia-Ukraine crisis, have refueled stagflation concerns worldwide, reviving gold’s demand as a safe haven.