Gold still may go higher because of the Russia-Ukraine crisis
Gold's fundamental situation and market sentiment are still positive. So I guess gold still has a chance to test $1970 or go above $2000.
Given the growing demand for gold as a safe haven, given how the United States and its allies are imposing economic sanctions on Russia and are likely to do more, hopefully, the demand for gold will not decrease.
And just as Russia has surrounded Ukraine on three sides, it is only natural that large-scale war could break out at any time. So staying in Gold sell now would not be a sage thing to do.
We should stay in buy mode until each resistance zone breaks out until the next resistance. And if you go to the market swing area, it is better to use small stop-loss and stay in buy mode.
Gold Daily Chart
Technically, gold is just stuck in trendline support and trendline resistance. If the market breaks above the trendline resistance, we can continue our buy till the breakout zone level of $1930/1932 price zone. Breaking above $1932 may open the door for the $1970/1975 zone again.
Conversely, if gold breaks below the trendline support, we can continue our sell target till the $1880/1875 price zone. But as long as gold is above $1875, it will consider an uptrend.
Given the growing demand for gold as a safe haven, given how the United States and its allies are imposing economic sanctions on Russia and are likely to do more, hopefully, the demand for gold will not decrease.
And just as Russia has surrounded Ukraine on three sides, it is only natural that large-scale war could break out at any time. So staying in Gold sell now would not be a sage thing to do.
We should stay in buy mode until each resistance zone breaks out until the next resistance. And if you go to the market swing area, it is better to use small stop-loss and stay in buy mode.
Gold Daily Chart
Technically, gold is just stuck in trendline support and trendline resistance. If the market breaks above the trendline resistance, we can continue our buy till the breakout zone level of $1930/1932 price zone. Breaking above $1932 may open the door for the $1970/1975 zone again.
Conversely, if gold breaks below the trendline support, we can continue our sell target till the $1880/1875 price zone. But as long as gold is above $1875, it will consider an uptrend.
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