The XAU/USD pair remains on the back foot on Tuesday pressured by the broad-based USD strength. According to FXStreet’s Eren Sengezer, gold could remain under pressure if it breaks below $1,720. See – Gold Price Analysis: XAU/USD to see selling pressure once more beyond the quarter-end – OCBC Key quotes “US Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell will be testifying before the US’s House Financial Services Committee and respond to questions on the government’s response to the coronavirus crisis.” “The initial support is located at $1,720 (Fibonacci 23.6% retracement of the Feb. 2-Mar. 8 drop) and a daily close below that level could trigger another selloff toward $1,700 (psychological level, March 12 low).” “The key resistance at $1,745 (Fibonacci 38.2% retracement) remains intact and a convincing break above this level could trigger a bullish shift in the technical outlook. $1,755 (March 18 high) and $1,7667 (Fibonacci 50% retracement) align as next hurdles.” 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/JPY Price Analysis: Downside correction intact while below 150.50/70 FX Street 8 months The XAU/USD pair remains on the back foot on Tuesday pressured by the broad-based USD strength. According to FXStreet's Eren Sengezer, gold could remain under pressure if it breaks below $1,720. See - Gold Price Analysis: XAU/USD to see selling pressure once more beyond the quarter-end - OCBC Key quotes "US Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell will be testifying before the US's House Financial Services Committee and respond to questions on the government's response to the coronavirus crisis." "The initial support is located at $1,720 (Fibonacci 23.6% retracement of the Feb. 2-Mar. 8 drop)… 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.
