GOLD → Bullish trend, but the price depends on the news

bounces off previously tested trend support and gives a chance for possible upside. Economic risks are still high and gold as a safe haven is in demand

GOLD → Price is confirming the flat. Emphasis on 2905

Investors are cautious ahead of US-Russia talks in Saudi Arabia where they will discuss a possible end to the conflict in Ukraine.
Weak risk appetite is supporting the dollar, also helped by comments from Fed officials. They express concern about inflation and call for caution in cutting rates. The attention of market participants is directed to the upcoming speeches of the Fed members and the publication of the minutes of the January meeting
Technically, the price broke 2905 in the Asian session, at the moment this area plays an important role as support. The first target is 2922, the second target is 2938

Resistance levels: 2922, 2938
Support levels: 2905, 2893

The most likely scenario is a retest of support amid the global uptrend, as liquidity below 2905 is still of interest to the market. But, the price may continue to rise due to imbalance from the bullish side. A breakout and consolidation of the price above 2915 may also trigger a rise.

Regards R. Linda!

Trade active

Consolidation has formed above 2905. Aggressive buyers did not let the price close to this level. After breaking through the resistance at 2915, an impulse is formed

Trade closed: target reached

2938 reached

RLinda

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