Tushar_csfx72
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Daily Commodity Analysis – Gold, oil surge, gas defies.
Introduction
Gold consolidates near a two-month high, hovering around $2,088-2,089, as it takes a breather after last week’s robust surge. The US Dollar weakened further due to disappointing ISM survey results and less hawkish Fed comments, boosting gold’s appeal. Meanwhile, copper prices dip ahead of crucial cues from China’s National People's Congress. WTI oil extends gains to nearly $79.50, supported by OPEC+ decisions, while U.S. natural gas futures defy bearish fundamentals with technical resilience amid a surprising storage withdrawal.Markets In Focus Today – GOLD
Gold Price Consolidates Near Two-Month Peak, Bullish Potential Seems Intact.
Gold price pauses after last week's strong positive move to a fresh YTD top. Slightly overbought RSI on the daily chart acts as a headwind for the metal. Traders also seem reluctant ahead of this week's key US data/event risks. Gold price (XAU/USD) is seen oscillating in a narrow range during the Asian session on Monday and consolidating last week’s strong gains to the $2,088-2,089 region, or its highest level since December 28. The US Dollar (USD) continues to be undermined by the disappointing release of the US ISM survey on Friday, which showed that manufacturing sector activity contracted more than anticipated in February. Adding to this, the less hawkish remarks by several Federal Reserve (Fed) officials reinforced bets that the US central bank will start cutting interest rates at the June policy meeting. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal.Technical Overview With Chart :
Moving Averages :
Exponential :
- MA 10 : 2047.1993 | Positive Crossover | Bullish
- MA 20 : 2037.2429 | Positive Crossover | Bullish
- MA 50 : 2028.3821 | Positive Crossover | Bullish
Simple :
- MA 10 : 2041.3207 | Positive Crossover | Bullish
- MA 20 : 2029.0574 | Positive Crossover | Bullish
- MA 50 : 2034.7265 | Positive Crossover | Bullish
Stochastic Oscillator : 92.7922 | Buy Zone | Neutral
Resistance And Support Levels :
- R1 : 2062.3465 R2 : 2081.5168
- S1 : 2000.2868 S2 : 1981.1165