Type: Bearish DownsideKey Levels:Resistance: 1836.9Pivot: 1829.7Support: 1815.3Preferred Case:Prices are approaching a strong graphical overlap resistance at our Pivot. We see the potential for bearish downside from our Pivot at 1829.7 in line with 38.2% Fibonacci retracement towards our 1st support at 1815.3 in line with 50% Fibonacci retracement and 50% Fibonacci retracement. Our bearish bias is further supported by RSI being close to levels where dips previously occurred.Alternative Scenario:If prices continue its uptrend, they can potential reach our 1st resistance at 1836.9 in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension, which is also a recent swing high.Fundamentals:The reversal on Gold prices can be attributed to core data releases, namely US inflation core reading hit 6.0%, surpassing expectations of 5.5% and also while the 10-year yields rose to its highest since 2019, hitting above 2.0%. As market sentiments gravitates towards a hike of 50 bps in March, we could expect the inflation-hedged metal to experience weak bearishness.
Source: Tickmill
