Gold is expected to hit 1800 in the short term as the Omicron variant sparks panic in the market.
The new Covid-19 variant Omicron, which may be more infectious, has triggered global fear and large-scale sell-off in the financial market while safe-haven asset gold has benefited and rebounded significantly.
Technical graphics show that gold is still rebounding in the short term, approaching the lower rectangular oscillation range towards the upper edge of 1796. The gold price is expected to impact between 1800-1810 if it successfully breaks through; If risk aversion cools down and gold price retreats, it will likely remain in oscillation between 1780-1796, waiting for new guidance from statements of central bankers and non-farm payrolls data and finding a new direction.
The new Covid-19 variant Omicron, which may be more infectious, has triggered global fear and large-scale sell-off in the financial market while safe-haven asset gold has benefited and rebounded significantly.
Technical graphics show that gold is still rebounding in the short term, approaching the lower rectangular oscillation range towards the upper edge of 1796. The gold price is expected to impact between 1800-1810 if it successfully breaks through; If risk aversion cools down and gold price retreats, it will likely remain in oscillation between 1780-1796, waiting for new guidance from statements of central bankers and non-farm payrolls data and finding a new direction.
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