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High borrowing cost to continue hurting gold’s safe-haven appeal

Gold remains under pressure and probes through key Fibo support at $1909 (61.8% of $1804/$2080 rally) where the action was repeatedly rejected on Tuesday and Friday and hit the lowest in 3 ½ months.

Bullion is weighed by renewed hawkishness in rate outlook, on signals from Fed that borrowing cost may stay high longer than expected, while solid economic data suggest that the US may avoid recession.

High interest rates are expected to continue denting metal’s safe-haven appeal and keep the price under pressure, with firm break of pivotal supports at $1909/00 (Fibo / psychological) to bring in focus targets at $1869/55 (Fibo 76.4% / 200DMA) and unmask key supports at $1809/04 (2023 lows / Feb/Mar higher base) and psychological $1800 level.

Bearish daily technical studies contribute to negative outlook, with upticks on anticipated headwinds at $1809/00 zone to be ideally capped by falling 10DMA ($1931).

Markets turn focus to the speech of Fed Chair Powell, due later today, to get more clues about the central bank’s near-future steps.

Res: 1916; 1931; 1943; 1955
Sup: 1900; 1885; 1869; 1855