Gold was seen consolidating its recent gains to the one-month peak.The Ukraine crisis, inflation fears continued lending some support.
The Fed’s hawkish outlook, the risk-on mood capped the commodity.
Gold held steady near the one-month high set the previous day and continued drawing support from a combination of factors. Investors remain concerned about the potential economic fallout from the Ukraine crisis. This, along with broadening inflationary pressures, boosted the safe-haven metal’s appeal as a hedge against rising prices. That said, expectations for a more aggressive policy tightening by the Fed and a generally positive tone around the equity markets kept a lid on any meaningful upside for the metal.
Gold: Key levels to watch
The Technical Confluences Detector shows that any subsequent move beyond the $1,981-$1,982 region (the overnight high) might confront resistance near the $1,992 area – Pivot Point one week R3. The next relevant hurdle is pegged just above the $2,000 psychological mark – the Fibonacci 38.2% one month. A convincing break through the said barriers would be seen as a fresh trigger for bullish traders and set the stage for a further near-term appreciating move.
On the flip side, the $1,974 zone – the Fibonacci 38.2% one day – seems to protect the immediate downside ahead of the $1,970 region – the Fibonacci 61.8% one day and Pivot Point one week R2. The next relevant support is pegged near the $1,960 area – the Fibonacci 61.8% one month. The latter should act as a pivotal point for intraday traders.
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