Gold eased from 2000. Back from the weekend, the market opened with a gap up at 1979 yesterday. The price first touched the 2000 barrier early in the Asian session. The price refilled the gap at the opening of the US session consolidated toward the day-low at 1960. The day ended at 1997, up by USD 27.
With the current situation in Ukraine, it is hard to find a reason for the gold price to go low. Gold has quickly approached the 2000 barrier after it broke the critical resistance at 1950 last Friday. Buying support was strong(2) yesterday at the US session while it was filling the gap from the week's open. The bull trend should continue, with 1970-2000(1) being the trading range before the price breaks out.
The bull trend continues with the overall structure remaining the same as yesterday. After the price breaks the key resistance at 1950, the upside target should be at 2065 on the daily chart.
S-T Resistances:
2010
1997-2000
1990
Market price: 1989
S-T Supports:
1980
1975
1970
Risk Disclosure: Gold Bullion/Silver ("Bullion") trading carries a high degree of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. This article is for reference only and is not a solicitation or advice to trade any currencies and investment products . Before deciding to trade Bullion you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment or even more in extreme circumstances (such as Gapping underlying markets) and therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading Bullion, and seek advice from an independent financial advisor if you require. Client should not make investment decision solely based on the point of view and information on this article.
