SPOT GOLD remains at the back foot on stronger dollar and expectations for hawkish Fed

SPOT GOLD remains at the back foot on stronger dollar and expectations for hawkish Fed

Spot Gold extended weakness from the previous week and hit new 2 ½ week low at $1307 on Monday.
The yellow metal remains under pressure on stronger dollar, as market are anticipating 0.25% increase on FOMC meeting this week but persisting concerns about the US politics may obstruct bulls.
Bearish techs keep near-term focus at the downside for test of key support zone between $1304 and $1301 (consisting of 100SMA / 01 Mar spike low and daily cloud base).
Hawkish Fed on Wednesday could spark fresh bearish acceleration through $1304/01 pivots, which could extend towards $1286 (Fibo 61.8% of $1236/$1366 rally).
Meanwhile, limited recovery could be expected as a cluster of daily MA’s between $1321 and $1329 weighs heavily and is expected to cap stronger upticks.

Res: 1314; 1318; 1321; 1323
Sup: 1307; 1304; 1301; 1293