Gold has regained its bullish momentum early Friday and started to edge higher toward $1,920. Amid the Russia-Ukraine war, the yellow metal could reach the $2,00 level, FXStreet’s Dhwani Mehta reports.
Gold bulls are back in the game
“Gold is likely to remain underpinned going forward, as tensions remain elevated concerning the West, Russia and Ukraine.”
“Gold’s four-hour chart is pointing to further upside risks, as the price recaptures the 21-Simple Moving Average (SMA) at $1,910. The road to recovery will likely extend towards the $1,950 level should the latter hold. The next stop for bulls is seen at the multi-month tops of $1,975, above which a ride towards the $2,000 mark will be inevitable.”
“If the bears fight back control, then a drop back towards the critical 50-SMA support at $1,892 will be inevitable. It’s worth noting that gold price has managed to reclaim ground from the latter on a couple of occasions earlier on.”
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