Gold drops further to test $1,930, as US dollar rebounds amid risk-aversion XAUUSD commodities
. Hence, any further move up is more likely to confront stiff resistance near the $1,948-$1,950 region, which is followed by the 38.2% Fibo. level, around the $1,960 area. Sustained strength beyond has the potential to push gold back towards the key $2,000 psychological mark, which coincides with the 23.6% Fibo. level.
On the flip side, the 50% Fibo. level, around the $1,925 region, now seems to protect the immediate downside. Some follow-through selling could drag gold prices back towards testing the 61.8% Fibo. level, around the $1,895 region. The next relevant support is pegged near the $1,875-$1,870 region, which if broken decisively should pave the way for a further near-term depreciating move. The
might then turn vulnerable and drop to the $1,850 intermediate support en-route the very important 200-day SMA, currently around the $1,815 region.Gold built on the previous day's post-FOMC bounce from sub-$1,900 levels, or the fresh monthly low and gained some follow-through traction for the second successive day on Thursday.
The Fed on Wednesday announced the start of the policy tightening cycle and hiked its target fund rate by 25 bps for the first time since 2018. The Fed also hinted that it would adopt a more aggressive policy response to combat stubbornly high inflation. In fact, the so-called dot plot indicated that the Fed could raise interest rates at all six remaining meetings in 2022.
Bulls might further refrain from placing aggressive bets amid signs of progress in the Russia-Ukraine ceasefire talks. Ukrainian President Volodymyr Zelensky said negotiations were becoming more realistic while Russia noted that proposals under discussion were close to an agreement. The optimism over a diplomatic solution to end the war in Ukraine remained supportive of the positive risk tone, which might further contribute to capping gains for the safe-haven gold.
France Dernières Nouvelles, France Actualités
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