Thu, Mar 23, 2023 @ 11:55 GMT

XAU/USD Drifts Lower

Gold stalls as the US dollar climbs back across the board. The bulls are striving to keep the price afloat as bullion hits last year’s lows at 1680. After the RSI hit oversold, the latest surge seems to come from profit- taking as the bears get out of a directional trade. The precious metal met its first resistance at 1745 which lies on the 20-day moving average. The bulls will need to push past this key hurdle before a recovery could gain a foothold. Otherwise, gold could be vulnerable to a new round of sell-off below 1600.

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