As was forecasted by our last analysis of gold, the price action reached the previous swing peak at 1915.00. This is where a major bearish reversal is likely to take place, given the confluence of mounting bearish signals. That is why the underlying setup seems favourable to bears looking to implement contrarian trading strategies. Bulls, in contrast, could potentially seek to enter long on the next dip as part of the newly emerging downtrend, though this would entail a higher degree of risk.
Even though the overall uncertainty remains considerable owing to the ongoing conflict alongside Ukraine's border with Russia, demand for safe-haven securities could ease over the near future. It was recently reported that the German business climate and manufacturing recouped in February, while the British services PMI beat the market forecasts. These developments demonstrate the accelerating pace of economic recovery, which could stymie demand for gold.
Moreover, the U.S. Bureau of Economic Analysis is scheduled to publish the preliminary GDP growth data for the fourth quarter tomorrow. According to the preliminary forecasts, the rate of economic expansion will be upwardly revised, which would underscore this accelerated pace of global recovery.
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