Although oversold RSI conditions placate gold bears around $1,790, a sustained trading below the $1,800 threshold joins expected further recovery in the US dollar to challenge the upside momentum. However, the quote’s further declines will have to break a descending trend line from mid-January, at $1,772 now, to revisit the November 2020 low near $1,765. On a...
Despite battling with 200-HMA, gold stays inside a bullish chart formation on a key day. Also favoring the metal buyers is a one-week-old rising trend line and likely US dollar weakness due to the expected dovish comments from the US Federal Reserve. However, sustained trading beyond $1,855 becomes necessary for the bulls to target $1,875 and then head towards the...