Article by: ETO Markets

The US dollar correction, the decline in US Treasury bond yields, and the impending geopolitical concerns did not help the gold price maintain its upward trend; instead, it dropped back toward the $2,350 area. As confirmed by Fed Chair Jerome Powell on Tuesday, the market's pricing of a slower and more gradual policy turn by the Fed may be the cause of the gold price drop.

If the recovery trend continues, the price of gold may revisit the important resistance level at $… this week. In order to restore the gold price's upward trend and reach the record high of $…, acceptance over that level is needed. For gold purchasers, the psychological level of $… will be the one to beat going forward. In order for the gold sellers to go downhill and reach the $… bottom on April 15, a four-hourly candlestick closing below the 50-SMA at $… is required.