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Gold dips lower

Over the past few sessions, gold prices have been consolidating in the range of $1,812-1,828, but today the precious metal is in retreat, trading down to $1,816.50 amid bearish sentiment.

The technical picture for gold does not rule out the possibility of a decline to $1,812.24, from which a leg up to $1,828.78 could be in the cards. A breakout at that level would open the door to $1,848.88.

In terms of fundamentals, gold is currently under pressure from a strengthening US dollar. This trend got under way when UST yields rose after taking a breather on Monday. The market is reacting to a possible Fed liftoff in March, when rates might be raised immediately by 50 bps.

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