Fundamental Description: Gold was down during early hours in Asia, hitting its lowest level since February 11, as investors eyed the rising dollar and inflation data. " I know that families all across America are hurting because of inflation,” U.S. President Joe Biden said in a speech a day before the release of Consumer Price Index (CPI) data.
Technical View: The Technical Confluences Detector shows that the Gold Price is testing the bullish commitments at critical support of $1,836. On the upside, any recovery could gain momentum only on a sustained break above the previous high in four-hour time frame at $1,851 could be tested.
Alternate Scenario: Further down, sellers will target the pivot point at $1,822. The last line of defense for gold bulls is seen at $1,817.
Technical View: The Technical Confluences Detector shows that the Gold Price is testing the bullish commitments at critical support of $1,836. On the upside, any recovery could gain momentum only on a sustained break above the previous high in four-hour time frame at $1,851 could be tested.
Alternate Scenario: Further down, sellers will target the pivot point at $1,822. The last line of defense for gold bulls is seen at $1,817.