Gold Price has managed to stay above its 200-Day Moving Average (DMA). This level stands at $1,775 and is expected to floor the bright metal, strategists at Credit Suisse report.Move above $1,890/1,900 needed to clear the way for a retest of $1,973/98
“Gold has broken below its 55-DMA, currently seen at $1,859, but has so far managed to remain clearly above the long-term 200-DMA, currently seen at $1,775. We continue to look for this to remain a floor and for the broader risk to turn higher again from here in due course.”
“Above $1,890/1,900 is needed to clear the way for a retest of $1,973/98. Beyond here stays seen needed to reassert an upward bias for a test of long-term resistance from the $2,070/72 record highs of 2020 and 2022.”
EUR/USD retreats modestly, clings to gains above 1.0650 after US data
EUR/USD has retreated modestly from the weekly high it set near 1.0700 earlier in the session but managed to stay in positive territory above 1.0650. The US data showed that input inflation increased in the manufacturing sector in February, helping the USD erase some of its daily losses.
GBP/USD reverses direction, drops toward 1.2000
GBP/USD has lost its traction in the second half of the day and declined toward 1.2000. The negative shift witnessed in risk sentiment after the ISM Manufacturing PMI data from the US seems to be helping the US Dollar stage a rebound, causing the pair to push lower.
Gold: Bulls need to overcome the $1,850 area
Spot gold extended its rally on Wednesday, hitting an intraday high of $1,844.47 a troy ounce. XAU/USD pulled back from the level amid resurgent US Dollar demand following tepid United States macroeconomic figures but holds on to most of its intraday gains. Broad USD weakness ahead of data and the risk-averse ruling environment maintain Gold on the winning side.
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