Gold sees short-covering bounce Monday
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Global stock markets were mixed overnight, with Asian shares mostly lower and European shares mostly higher. U.S. stock indexes are firmer at midday. The stock index bulls are still jittery after last week, which saw the worst performance of the year for the U.S. stock indexes. Worries about the Federal Reserve keeping U.S. interest rates higher for longer have left traders and investors with less risk appetite.
Technically, April gold futures prices hit a nine-week low today. Bears have the overall near-term technical advantage. A price downtrend is in place on the daily chart. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $1,856.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at last Friday’s high of $1,835.10 and then at $1,850.00.
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