Gold price extends rebound amid weaker Treasury yields
Gold price remains in the hands of buyers this Thursday, following a decent comeback amidst a hawkish Fed and worries over the Russia-Ukraine peace talks. Concerns over risks to global economic growth play out and influence gold price, in the aftermath of the Fed decision, as the focus remains on the ongoing Russia-Ukraine peace talks. The extended correction in the US Treasury yields and the dollar is lending support to the gold price.
The Technical Confluences Detector shows that the gold price is looking to regain the upside moment to test powerful resistance at $1,940. The next bullish target is envisioned at $1,950, which is the psychological barrier as well as the SMA100 four-hour. Further up, the pivot point one-day R2 at $1,952 will get tested, above which the SMA5 one-day at $1,955 will be on bulls’ radars. The confluence of the previous week’s low and the previous year’s high around $1,960 is the level to beat for gold optimists. Alternatively, the immediate support is seen at $1,931. Fresh selling opportunities will arise below the latter, exposing critical support at $1,922. The line in the sand for gold buyers is at $1,917.