Gold – bears likely to consolidate before fresh attack at psychological $2000 support

Gold price edged higher from five-week low after 2.4% drop in past two days found firm ground just above psychological $2000 level, now acting as solid support.

Yellow metal was deflated by hawkish comments from the US policymakers and recent upbeat economic data, which partially sidelined expectations for early rate cuts this year.

Technical picture weakened on daily chart after the last drop, however, hopes for recovery expected to remain in play while $2000 support (also Fibo 76.4% of $1973/$2088 upleg) holds.

Initial resistance lays at $2015 (55DMA), followed by $2030 (10DMA), which should cap upticks and keep in play risk of renewed attack at $2000 and upper pivot at $2047 (daily cloud top).

Firm break of $2000 pivot would further sour the sentiment and risk drop towards supports at $1973/63 zone (Dec 13 low / 200DMA).

Res: 2015; 2024; 2030; 2042
Sup: 2000; 1980; 1973; 1963