Gold Price (XAU/USD), Chart, and Analysis
- UST two years after a new yield rise in three years.
- Gold is likely to test support in the short term.
The recent hawkish comment from Fed Chair Jerome Powell gave US bond yields an additional boost with the rate-sensitive UST 2 year now offering 2.16%, its highest level in nearly three years. With the real possibility that the Fed will raise rates by 50 basis points at the May 5 meeting, the short-term Treasury yields will remain at these levels or move higher as the Fed accelerates monetary policy tightening.
The price of gold is 2070 dollars an ounce. The March 8 high now looks like a market aberration The sellers sold the precious metal back to previous support levels. Since gold’s peak, the precious metal has recorded 11 lower highs over the past 13 days, highlighting weakness in the market. Gold appears to have settled on both sides at $1,916 an ounce. and the old swing high from June 1, 2021 and just under 61.8% Fibonacci retracement August 2020/August 2021 high at $1,920 per ounce.
Break and open below $1,916/oz. It would leave the bears looking at an area between $1,870 an ounce. and $1,877 an ounce. Based on the 50% Fibonacci retracement and the 16th November high. the 20 days simple moving average It is now acting as resistance, while the 50-day SMA is at $1,893 an ounce.
Daily Gold Price Chart – March 23, 2022
Retailer data show 78.47% of traders take net long positions with the ratio of long-term traders to selling at 3.64 to 1. The number of long traders is 1.25% lower than yesterday and 9.86% higher than last week, while the number of short traders is down 2.41% compared to yesterday and 12.54% lower than last week.
We usually take a conflicting view with crowd sentiment, and the fact that traders are holding out indicates that gold prices may continue to fall. Traders are taking longer long positions than yesterday and last week, giving us the combination of current sentiment and recent changes Strongest anti-gold bias.
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