• Gold experiences a decline for the first time in ten consecutive trading days early Tuesday.
• In the previous trading session, an evening star pattern was identified, when prices were floating at 2175.50, marking a trend reversal pattern.
• Later, with the release of hotter-than-expected CPI readings, and the rise in US treasury yields, the yellow metal made a steep fall to witness a low of 2150.50.
• However, prices ended the day a little higher at 2158.50
*Current Situation & Projection:*
• On Wednesday, the precious metal, gold looks completely subdued, providing nil confirmations in relation to its intraday direction.
• The prices while writing the report are trending near 2159.00, close to the previous day’s close.
Projection
• The absence of any key data on Wednesday, will keep the gold rates uncertain throughout the intraday trading session.
• However, signals could be taken from the previous day’s fundamental factors and price movements, which both support a bearish view in gold with important support at 2146.58, which used to be the all-time high till Feb 2024.
• Although, minor recoveries in gold could not be ruled out with immediate resistance at 2160 & 2165.
*Important Levels to Watch*
• *Resistance:* As discussed above, 2160 and 2165 seem to be the immediate levels of resistance, if prices continue to rise, above which 2180 & 2200 could be challenging hurdles.
• *Support:* On the lower side, the immediate support will be 2150 & the previous record high of 2146.58, below which lower levels of 2130 & 2112 (fib level 0.786) could be witnessed.
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