Spot gold remains firmly in red for the second straight day and falls to two-week low on Wednesday, in extension to Tuesday’s 1% drop, pressured by stronger dollar on expectations global inflation concerns could prompt central banks for more aggressive steps in tightening monetary policies.
Markets bet for 0.5% rate rise from the Fed in coming two policy meetings, although the longer-term outlook remains unclear, while inflation in the EU reached new record high, increasing pressure on the ECB to end its ultra-loose policy.
Tuesday’s close below 200DMA brought moving averages into bearish setup on daily chart, with completion of failure swing pattern and retracement of 50% of $1786/$1869 upleg, adding to negative signals, though partially offset by still positive momentum.
Near-term bias is expected to remain with bears while the price action holds below 200DMA ($1840), but bears need further negative signal on close below $1828 (cracked Fibo 50%) to reinforce negative stance. Conversely, bears would lose traction on return and close above 200DMA.
Res: 1840; 1844; 1850; 1862.
Sup: 1828; 1818; 1806; 1800.
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