Gold spikes due to fundamentals

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On Friday, the US government announced that Russia is about to invade Ukraine. The news caused a major run to safety. The price for gold jumped up to the 1,865.00 level. On Monday, the price declined and revealed that there is a support zone at 1,851.30/1,851.60.

In the meantime, it was spotted that the surge of the price for gold has occurred in a channel up pattern. If the metal continues to trade in the pattern, it could consolidate up to Tuesday.

If the price for gold surges, it would have to test the resistance of the 1,865.00 level, before booking new high levels. On the other hand, a decline below 1,851.30 and 1,850.00 could look for support in the lower trend line of the channel up pattern, before reaching the 50 and 100-hour simple moving averages near 1,840.00 and 1,835.00.

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