Spot gold price eases from new three month high ($1865) posted last Friday when the metal price rose 1.75% (the biggest one-day advance since 13 Oct 2021).
Overall structure remains firmly bullish as rising tensions over Ukraine continue to boost demand for safe-haven gold.
Bulls are likely to consolidate before resuming higher for attack at $1875/77 targets (50% retracement of $2074/$1676 pullback), violation of which would spark acceleration through $1900 barrier and unmask next Fibo level at $1922 (61.8%).
Probe through the bear-trendline off $2074 record high (at $1846) adds to bullish signals.
Shallow dips should ideally find ground at $1840 zone (rising 5DMA / near Fibo 23.6% of $1780/$1865 upleg) and offer better opportunities to re-enter bullish market and keep intact lower pivots at $1832 (Fibo 38.2% of 1780/$1865) and $1823 (converged 10/20DMA’s).
Res: 1865; 1877; 1881; 1900.
Sup: 1850; 1840; 1832; 1823.
Interested in XAU/USD technicals? Check out the key levels
- R3 1922.03
- R2 1893.77
- R1 1877.5
- PP 1849.24
- S1 1832.97
- S2 1804.71
- S3 1788.44
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.