Gold prices extend its rebound while market waits for testimony.
“Greenback down slightly as market waits for testimony, safe haven flourishes.”
US dollar remain subdued on Monday while investors wait for testimony from Federal Reserve Chair Jerome Powell for more signal with regards to future policy. Last week, investors poured into the US dollar after meeting minutes shows Fed officials in favour of prolonging rate hike period in order to curb stubbornly high inflation. On the other hand, investors will also place their focus upon February employment report which is scheduled to be released on Friday to assess the likelihood of Fed in turning towards a more aggressive path of policy guidance.
Technical Analysis
XAUUSD, Daily: From daily perspective, gold price extend its recovery significantly following prior rebound from lower level. Although MACD shows bullish momentum, we suggest waiting for a close above 1869.30 before entering the market.
Resistance level: 1869.30, 1912.50
Support level: 1824.70, 1775.30
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