From a daily chart perspective, XAU/USD is neutral to upward biased once it conquered the 20 and 50-day Exponential Moving Averages (EMAs). Nevertheless, as UST bond yields aim north, Gold is taking its toll, retreating below the $1850 area. Furthermore, the Relative Strength Index (RSI) exceeded the 50-midline before turning bearish. Therefore, in the short term, the XAU/USD path of least resistance is downwards.
Gold’s first support would be the confluence of the 20/50-day EMAs at $1846.00. Once cleared, XAU/USD would get towards the March 3 daily low of $1835.51, followed by the 100-day EMA at $1822.15 and the 200-day EMA at $1805.16.
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