US Senate passed the new 1.9 trillion Covid stimulus package on Sunday Mar 7. Gold made a gap from 1698 to 1701 and then went to the 1710-1715 zone
But the US Bond Yield has gone up prudently at the end of Asian trading and during Euro trading sessions. Gold made a quick drop from 1713 to 1685 following US Bond Yield.
Gold does no go up after US stimulus news as usual, but it is dropping following US Bond Yield. Investors are buying US dollars and selling metal, and other currencies.
Gold is trading around 1686-1688 which is a key short term support zone. Gold will drop to 1660-1670 if gold continues to drop during New York trading session.
Gold Support Zones: 1686-1688, 1668-1671, 1659-1660
Gold Resistant Zones: 1698-1701, 1713-1715
Would you like to trade gold like a Pro? Please Click Here to learn how to make $16,000 profit in 4 months