Fundamental Descriptions: Gold portrays the risk-aversion wave during early Monday morning in Europe as it drops below the short-term key support, now resistance around $1,875. Market sentiment sours as China’s covid conditions, G7 sanctions on Russia join fears of Fed’s faster rate hikes. Despite Friday’s rebound, the path of least resistance for Gold Price remains down, given that the metal has carved out a bear flag on the daily chart. Daily closing below the rising trend line support at $1,868 will confirm the bearish continuation formation, opening floors for a fresh sell-off towards the $1,850 psychological barrier.
Technical View: As of writing, gold is trading at 1872. Any upside effort may lead its path back to the level of 1882, which is our S2.
Alternate Scenario: Break below 1866, may result in more weakness in the prices of gold in near term.
Technical View: As of writing, gold is trading at 1872. Any upside effort may lead its path back to the level of 1882, which is our S2.
Alternate Scenario: Break below 1866, may result in more weakness in the prices of gold in near term.