Gold’s bullish momentum has moderated. A new massive sale could confirm the fall of prices below $1,800 in the short term, they report ANZ bank strategists.
Rise that moderates
“Gold peaked at $1,960 in the first week of February, but strong US jobs data triggered a sharp 4% correction. Although this correction looks normal after a 20% price recovery, the Bullish sentiments seem to moderate.”
“Further decline in gold prices could trigger more short-term technical sell-offs.”
“Key supports are $1,800 and $1,730.”
“Immediate resistance at $1,900. If the price were to break above $1,930, the continuation of the uptrend would be confirmed.”
Source: Fx Street
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