Gold price is treading waters below $1,850 as risk-off flows dominate. US Treasury yields and DXY rebound as the Fed meeting begins on Tuesday. DeathCross confirmation awaited on a daily closing basis, within a rising wedge. Trading FX
US Treasury yields and DXY rebound as the Fed meeting begins on Tuesday.Gold price resumed its uptrend after the recent correction on Tuesday, as bulls fought back control amid a flight-to-safety theme across the financial markets. Heightened geopolitical tensions between Russia and Ukraine, with NATO deploying forces on standby and reinforcing eastern Europe with more ships and fighter jets, spooked investors, as they sought shelter in the traditional safe-haven, gold.
Gold traders are now awaiting the death cross confirmation on a daily closing basis for placing any fresh directional bets. The bullish 21-DMA at $1,818 will then come to the rescue of gold buyers. Further south, January 19 lows of $1,810 will be the next downside target. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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