Gold sank below $2,005 as U.S. rates rose following higher-than-expected CPI numbers. Technical analysis suggests further downside potential.
From a technical point of view, gold sank below $2,005 and quickly descended towards its 50-day simple moving average at $1,990. If fail to stabilize around these levels and extend to the downside, we could soon see a move towards $1,975. On further weakness, all eyes will be on $1,965. In the event of a bullish reversal, which seems improbable at the moment given the lack of positive catalysts, resistance looms around $2,005.
Beyond this technical ceiling, the focus will shift to the 50-day simple moving average hovering near $2,030. Wondering how retail positioning can shape gold’s trajectory in the near term? Our sentiment guide provides the answers you are looking for and outlines key strategies—don't miss out, get the guide now!If you're looking for an in-depth analysis of U.S. equity indices, our first-quarter stock market trading forecast is packed with great fundamental and technical insights. Get it now!100 suffered a severe setback on Tuesday, falling more than 1.5%, on the back of rising U.S. rates following higher-than-expected CPI number
Gold U.S. Rates CPI Technical Analysis Downside Potential
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