Spot gold. View: Key support is at $1682.30. Key resistance is at $1717.10.
Positions as of Tuesday, March 2, 2021.
The good news is the gold-futures selling that ignited all this is finite, and is likely nearing exhaustion. After that, gold should rally hard.
Gold needs to get above the swingline number of $1,739.10 to break the downtrend. $1,774.70 is the 18 day m.a.
May be time to start scaling into metal positions.
18 week moving average is at $1835.70. $1,739.10 is key for bears today.
Most markets are waffling around. Gold a stepping ladder lower. In a bear trend. But these levels will shift the sentiment..
The disappointing price action in gold (against the dollar) is mainly related to the perceived rise in real interest rates.
Gold still having the same problem, but that will change.
Fed Chairman Jerome Powell spoke on Tuesday and signaled the central bank will continue to support the economy and is nowhere close to unwinding its easy policy.
