Spot gold is trading within a narrow range on Thursday, with the action being so far shaped in a Doji candle, signaling near-term indecision.
The metal remains supported by the uncertainty over the war in Ukraine, while less hawkish than expected Fed’s stance implies the central bank would be less aggressive in its policy meeting later this month that adds to positive signals for gold.
Also, surging inflation so far shows no signs of easing that would provide additional boost the price of the yellow metal, usually used as a hedge against inflation.
Bulls face obstacles at $1950 (Mar 1 high) and $1974 (Feb 24 spike high) ahead of $2000 level.
Rising 10DMA tracks the action since Feb 7 and marks solid support at $1911, expected to keep the downside protected and guard psychological $1900 level (also Fibo 38.2% of $1780/$1974 upleg), loss of which would ease the upside pressure and expose lower pivot at $1877 (Feb 24 trough / 20DMA / 50% retracement).
Res: 1950; 1957; 1974; 2000.
Sup: 1920; 1911; 1900; 1882.
