According to the Chart & Gann Technical Study on Gold. The Gold Price Level seems to go Down side. As the Gold has made a double Top in the Chart. So, Gold Price Level Analysis indicates that Gold will fall Down Side to 1771 dollar , if the level continues to Down side then another level will be 1769.95 Dollar and after this the next level to downside will be 1769 dollar.
If any bounce seen , then the Gold Price level Analysis will be 1771.90 Dollar and the next level in Up side will be 1772.50 Dollar after this the next Up Side level will be 1773 Dollar.
Goods escape the control of the US dollar, but increasing cases of COVID-19 remains
After a few days of limited and non-directional movement, the commodities showed some signs of life amid the persistent weakness of the US dollar and continued optimism for the US and Chinese economies.
Gold, which has fluctuated between $ 1670 and $ 1750 an ounce in recent weeks, came out and tested its highest level since Feb. 26. it is now close to $ 64 a barrel. Copper, which rose to about $ 9,000 a tonne, has now reached its highest level since late February.
The main factor supporting the goods is the weakness of the US dollar. The US dollar index fell to its four-week low as optimism about the US economy was offset by lower bond yields and the Fed’s proven position. Fed officials, including Fed Chairman Jerome Powell, have repeatedly downplayed inflationary risks while keeping interest rates low for a long time.
As the US stock market rose and the dollar fell due to the Fed’s evidence bias, bond yields remained strong. Now, the Fed also seems to have convinced bond market participants that rates may not rise soon, and this has led to an adjustment in bond yields. The 10-year bond yield fell from a January 2020 high of about 1.77% to a low of about 1.53%.
Price Movement as per Previous Analysis
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