- Gold is trading in negative territory, showing less volatility.
- XAU/USD unable to assert itself above $1,930, with support at $1,915.
The gold is falling modestly on Thursday, the last day of March, after failing to break above $1,935. In Asian hours, XAU/USD extended lows to $1918, then bounced back. It is trading around $1925.
The Treasury yields are retreating on Thursday, which is a positive factor for the metal. The 10-year rate is at 2.31%, the lowest since March 24. Important US data will be released on Thursday including the weekly jobless claims report and the core personal consumption spending index.
Consolidating and lowering volatility
Tuesday’s bounce gave gold support and eased downward pressure. But the rises have lost strength. The price of the metal needs to return above $1940 to enable a possible test of the $1950 area, which is stronger resistance and where the 20-day moving average is passing. A close well above could end the current consolidation with downside risks.
In the opposite direction, below $1910, the bearish bias would intensify exposing $1900 and the weekly bottom of $1890. A close below $1910 would be a sign of continued bearishness.
Technical levels
Source: Fx Street
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