How is the yellow metal currently trading on Friday? What are the 2 March Gold Price Drivers? Let us see how ADS Securities’ analysis will answer these questions.
2 March, ADS Securities – The precious metal traded in the red in the previous session and closed at $1305.20, following a low at $1303.60, amid strength in the US Dollar. As of now, the yellow metal is trading in a narrow range of $1315-$1319 on the 1H chart, reflecting on likely consolidation in the coming session.
2 March Gold Price Drivers
However, the MACD indicator is trading above its midline, suggesting at possible upside momentum over intraday basis. The key technical barrier is positioned at the $1320 level, followed by the $1324 and $1327 where EMA 55 is placed. A sustained break above the latter might lead to upside momentum in the safe-haven commodity.
On the other hand, immediate support is situated at the $1314 level, followed by the $1310 and $1306 levels. A breach below the latter might trigger a further acceleration to the downside.
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