Gold Price Forecast: XAU/USD remains on track to reclaim $2,000 – Confluence Detector.

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.

EUR/USD drops to fresh two-year lows below 1.0800EUR/USD has extended its slide and dropped below 1.0800 for the first time in nearly two years. ECB left its policy settings unchanged and President Lagarde refrained from offering clarity on the timing of the first rate hike or the end of the QE, weighing heavily on the shared currency.


GBP/USD falls toward 1.3000 on renewed dollar strength.GBP/USD has extended its decline in the American session and dropped toward 1.3000. The greenback is gathering strength amid the ECB’s dovish tone and rising US Treasury bond yields, forcing the pair to stay on the back foot.


Gold falls below $1,970 amid rising US yields.Gold came under renewed bearish pressure in the American session and fell sharply toward $1,960. The benchmark 10-year US Treasury bond yield is up 3% on the day amid the ECB’s dovish tone, causing the yellow metal to push lower.

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