Gold was also triggered by supply fears along with Natural gas and oil. This fear was caused from sanctions being placed on Russia and Russia invading Ukraine. Gold rose to the price of $1974. Not far from its pervious high $2075 back in august of 2020. When there is fear in the market gold is often used as a safe haven asset. Investors will put their money into gold making market manipulation. Commodities also thrive off of fear.
Gold has been in a steady uptrend since January 28th of this year. So far it has been respecting the up trend. Gold made a correction after reaching $1974, retracing to 1878. The wicked off the trend line, and a bullish doji formed indicating bulls are coming back. A bullish divergence has also formed on 15 minute time frame and higher time frames such as 2hr. I see gold going to retest the 1944 area. If it breaks through pervious resistance prices such as, $1910, and $1925
With the was with Russia and Ukraine unknowingly coming to an end, US inflation at 40 year highs, stocks being down can drive investors to place more money in gold
Gold has been in a steady uptrend since January 28th of this year. So far it has been respecting the up trend. Gold made a correction after reaching $1974, retracing to 1878. The wicked off the trend line, and a bullish doji formed indicating bulls are coming back. A bullish divergence has also formed on 15 minute time frame and higher time frames such as 2hr. I see gold going to retest the 1944 area. If it breaks through pervious resistance prices such as, $1910, and $1925
With the was with Russia and Ukraine unknowingly coming to an end, US inflation at 40 year highs, stocks being down can drive investors to place more money in gold
