Gold castings of the hands of South Africa’s first black President Nelson Mandela have been sold for $10m (£7m) in Bitcoin. This is the first time artifacts of Mr. Mandela have been sold in Bitcoin. Currently, how does the precious metal trade? Read on and find out from this 28 March Gold Price Technical Forecast.
28 March, GKFX – Gold (XAU/USD) created a bearish outside day candle on Tuesday, signaling the rally from the March 20 low of $1,307 may have run out of steam.
The metal dropped to $1,330 yesterday as the dollar index (DXY) rose to 89.25. However, the greenback trimmed gains and closed below 89.00, helping the yellow metal regain poise. As of writing, XAU/USD is flatlined around $1,346 and so is the American dollar.
Despite the pullback, the bias remains bullish as suggested by the momentum studies – 5,10, and 21 MAs (moving averages) are sloping upwards. Further, the dollar rallies will probably be short-lived as long as the rate market factors in a less aggressive Fed, according to Reuters report. As of writing, short-term interest rate futures are factoring-in only about 75 basis points of tightening until the end of 2019.
28 March Gold Price Technical Forecast
A break above $1,348 (ascending 5day MA) could yield a re-test of $1,357 (March 27 high). A close above the same would signal a continuation of the rally from the March 20 low of $1,307 and open doors for $1,366 (Jan. 25 high). On the downside, acceptance below $1,340 (previous day’s low) would allow a stronger pullback to $1,330 (50-day MA) and $1,324 (Jan. 18 low).
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