Gold is having a difficult time clearing the strong resistance that seems to have formed around $1,745. Unless XAU/USD manages to make a daily close above that level, a selloff toward $1,720 remains in the books, FXStreet’s Eren Sengezer reports.
See – Gold Price Analysis: XAU/USD to hover around $1850 by end-March 2022 – Deutsche Bank
Key quotes
“The 10-year US Treasury bond yield rose more than 5% last week as investors shrugged the FOMC’s dovish outlook as reflected in the updated Summary of Projections. At the start of the week, however, the benchmark 10-year US T-bond yield staged a technical correction and fell as much as 2% during the first half of the day to help XAU/USD limit its losses.”
“Above $1,745, the next important hurdle is located at $1,755 (March 18 high) ahead of $1,7667 (Fibonacci 50% retracement). On the other hand, sellers could aim for $1,700 (psychological level, March 12 low) if gold breaks below $1,720.”
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