XAUUSD We saw a rally on gold price because the global central banks push bond yields down to near zero percent last year. Now, increasing US10Y T Bill yields has still a toxic effect on gold price. Need to observe 1st and 2nd week of March for correction sign. Still lack of incentive to buy it. I am just expecting a small upward movement this week and 5th of March will be critical; unemployment, non-farm payrolls, us federal budget announcement will create volatility and we will have keep an eye on the figures. (a higher than expected figure for non-farm payrolls should be taken as positive/bullish for the USD, which will weaken gold price; or completely contrary movement might happen)
Upward movement: If it breaks 1742$ it may go to 1761$ (50% Retracement From 52 Week High/Low) and 1765$ 1st resistance.
Downward movement: It it breaks 1719$, it may go to 1710$ support and if it breaks it may continue to fall to 1689$ (38.2% Retracement From 52 Week Low)
