As you well know the PM complex has been trading at a very important inflection point for the last month or so looking for the next important move either up or down.
A bounce in an overall bearish market. $1,739.10 needed to break through to change the trend.
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.
