Dear friends, as predicted yesterday, Gold has surged higher than expected, currently consolidating around the $1,962 mark. Weaker than expected US inflation and reduced US bond yields have fueled demand for precious metals. Additionally, increasing political tensions will drive safe haven flows.
In the near future, the chart is leaning towards an upward trend, although momentum has slightly faded. Immediate support is at $1,956. A drop below $1,947 will shift the trend to neutral/bearish. On the other hand, as long as XAU/USD remains above $1,957, it may rise to test recent highs. Breaking above $1,975 will lead to an acceleration towards $1,980 and beyond.
Support levels: $1,956, $1,943, $1,933
Resistance levels: $1,971, $1,982, $1,993
In the near future, the chart is leaning towards an upward trend, although momentum has slightly faded. Immediate support is at $1,956. A drop below $1,947 will shift the trend to neutral/bearish. On the other hand, as long as XAU/USD remains above $1,957, it may rise to test recent highs. Breaking above $1,975 will lead to an acceleration towards $1,980 and beyond.
Support levels: $1,956, $1,943, $1,933
Resistance levels: $1,971, $1,982, $1,993
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