Wed, Feb 01, 2023 @ 19:45 GMT
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XAU/USD Struggles for Support

Gold fell back after strong US economic data boosted the dollar. A tentative close above last summer’s peak of 1803 is a sign of improved sentiment. This has put the bears on the defensive and eased the downward pressure in the medium-term. However, the price needs to consolidate its range after a break above the previous high of 1783. The rally would remain intact as long as bullion stays above the floor at 1750. A bounce would need to lift offers at 14650 then 1810 before the precious metal could regain traction.

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