Fundamental Description:
Fundamental remains almost same for the gold during past 20 hours. As we can observe from the movement of gold that it is trading in the range of $1896-$1907. ECB president Lagarde speech is due for today.
Meanwhile, Russia halted gas supplies to Poland and Bulgaria until payment are made in Rubles. Headlines from Russia provided some support to gold as investors sought safe havens, but the war in Ukraine has not been as much of a bullish momentum.
Short term technical view:
On Tuesday, we have seen that the gold was not able to hold it upside bias. Yesterday gold was unable to breach 1915 level. I expect it to trade with bearish momentum in near term. Gold is still trading near S2.
From a technical perspective, the metal's inability to capitalize on the move and acceptance below the $1,900 mark support bearish traders. Sustained weakness below the $1,890 horizontal support will reaffirm the negative bias and pave the way for additional losses.
Alternate Scenario:
Bull may come to rescue gold in near term. If it holds above $1911 level.
Fundamental remains almost same for the gold during past 20 hours. As we can observe from the movement of gold that it is trading in the range of $1896-$1907. ECB president Lagarde speech is due for today.
Meanwhile, Russia halted gas supplies to Poland and Bulgaria until payment are made in Rubles. Headlines from Russia provided some support to gold as investors sought safe havens, but the war in Ukraine has not been as much of a bullish momentum.
Short term technical view:
On Tuesday, we have seen that the gold was not able to hold it upside bias. Yesterday gold was unable to breach 1915 level. I expect it to trade with bearish momentum in near term. Gold is still trading near S2.
From a technical perspective, the metal's inability to capitalize on the move and acceptance below the $1,900 mark support bearish traders. Sustained weakness below the $1,890 horizontal support will reaffirm the negative bias and pave the way for additional losses.
Alternate Scenario:
Bull may come to rescue gold in near term. If it holds above $1911 level.