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XAU/USD points south to $1,900 amid ongoing downbeat momentum


15 March 2022

Gold price is heavy so far this Tuesday’s trading, meandering near weekly lows below $1,940 amid a mixed market mood. Focus is on Tuesday’s close as the yellow metal breaches critical daily support levels, eyeing monthly lows near $1,900, FXStreet’s Dhwani Mehta reports.

The ongoing uptrend in the US Treasury yields keeps the bearish pressures intact on the non-interest-bearing gold. Hawkish Fed’s expectations underpin the global borrowing costs while lending support to the US dollar.

A daily closing below the $1,955 critical daily trendline support will open doors for a drop towards the March lows of $1,902 should the 21-DMA at $1,934 give way on a sustained basis. Recapturing the trendline support now resistance at $1,955 is critical to initiating a meaningful recovery towards the $2,000 mark. The next relevant stop for bulls is seen at the March 10 highs of $2,009. Further up, a fresh upswing towards the psychological level of $1,950 cannot be ruled out.

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