The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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Gold surrendered a major part of its intraday gains to the highest level since early February and was last seen trading around the $1,846 region, nearly unchanged for the day. A goodish rebound in the US Treasury bond yields turned out to be a key factor that prompted some profit-taking around the non-yielding yellow metal. That said, a combination of factors should help limit any deeper losses amid absent relevant market moving economic releases from the US.
Investors seem convinced that the Fed will keep interest rates low for a longer period. This, in turn, continued weighing on the US dollar and extended some support to the dollar-denominated commodity. Apart from this, a generally softer risk tone – amid worries over the continuous surge in new COVID-19 cases in Asia – further acted as a tailwind for traditional safe-haven assets, including gold.
Strong resistance seems to have formed at $1,860, where the descending trendline and the Fibonacci 61.8% retracement of the January-March downtrend meets. A daily close above that level could attract buyers and open the door for additional gains toward $1,875 (static level, January 21 high, January 29 high).
$1,820 (Fibonacci 50% retracement) could be seen as the initial support ahead of $1,800 (psychological level, 100-day SMA, 20-day SMA). With a convincing drop below the latter, additional losses toward $1,780 (Fibonacci 38.2% retracement) could be witnessed
*这里的市场分析是为了增加您对市场的了解，而不是给出交易的指示。
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