Gold witnessed a modest pullback from the $1,745-46 supply zone during the Asian session on Wednesday and eroded a part of the overnight gains to two-week tops. As FXStreet’s Haresh Menghani notes, XAU/USD bulls turn cautious ahead of FOMC minutes.
Gold Price Analysis: XAU/USD set to average $1800 in 2021 – Citibank
Wednesday’s key focus will remain on the release of the FOMC meeting minutes
“Investors remain convinced that stronger fundamental will force the Fed to raise interest rates sooner than anticipated. Any clues that the conditions to begin tightening were discussed at the meeting held on March 16-17 should weigh on the non-yielding yellow metal.”
“The recent rebound from multi-month lows faltered near the $1,745-46 heavy supply zone. This should now act as a key pivotal point for intraday traders, above which the commodity is likely to accelerate the move towards the $1,760-65 support breakpoint, now turned resistance. A sustained move beyond will validate a bullish double-bottom formation near the $1,677-76 region and set the stage for additional gains.”
“The $1,720 horizontal level is likely to protect the immediate downside. This is followed by the $1,700 mark, which if broken decisively will negate any positive bias and turn the commodity vulnerable to retest the $1,677-76 region.”
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