Gold stays in a consolidation phase on Wednesday as shallow XAU/USD rebound fails to convince bulls. The technical picture points to a neutral stance with a bearish bias, FXStreet’s Eren Sengezer reports. See – Gold Price Analysis: XAU/USD rallies seen as corrective while below $1765 – Commerzbank Key quotes “The greenback’s market valuation is likely to continue to impact XAU/USD’s movements. On Thursday, the US Bureau of Economic Analysis will release its final estimate of the fourth-quarter Gross Domestic Product (GDP), which is expected to show that the economy grew by 4.1%.” “A daily close above $1,745 (Fibonacci 38.2% retracement of the Feb. 2-Mar. 8 drop) could attract more buyers and open the door for additional gains toward $1,755 (March 18 high) and $1,7667 (Fibonacci 50% retracement).” “The 20-day SMA is acting as interim support at $1,725 ahead of the critical $1,720 (Fibonacci 23.6% retracement) mark. Below that level, additional losses toward $1,700 (psychological level, March 12 low) could be witnessed.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD nurses recovery back above 1.3700 following mixed morning of UK data FX Street 9 months Gold stays in a consolidation phase on Wednesday as shallow XAU/USD rebound fails to convince bulls. The technical picture points to a neutral stance with a bearish bias, FXStreet's Eren Sengezer reports. See - Gold Price Analysis: XAU/USD rallies seen as corrective while below $1765 - Commerzbank Key quotes "The greenback's market valuation is likely to continue to impact XAU/USD's movements. On Thursday, the US Bureau of Economic Analysis will release its final estimate of the fourth-quarter Gross Domestic Product (GDP), which is expected to show that the economy grew by 4.1%." "A daily close above $1,745 (Fibonacci 38.2% retracement… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
