Article by: ETO Markets

The shift in Fed forecasts boosted U.S. Treasury yields and helped the U.S. Dollar Index rebound during Thursday's Asian and early European trading sessions. This appears to have further weakened gold prices priced in dollars, despite geopolitical and European political uncertainties that could support safe-haven metals. Gold traders are awaiting new U.S. economic data to be released on Thursday to identify trading opportunities.

Gold prices are hovering near the neckline without breaking lower, providing some relief for gold buyers who now target the 50-day moving average at $... Bulls need to surpass this resistance to regain control. In contrast, gold sellers are seeking opportunities to break below the $… level, potentially pushing prices towards the low of $… and initiating a downtrend.