shows that gold price has bounced off crucial support at $1,888, which is the convergence of the Fibonacci 38.2% one-day and the Bollinger Band one-day Upper.
So long as bulls defend the latter, the renewed upside could extend towards the June 2021 highs of $1,916. Ahead of that target, gold buyers will need to recapture a strong supply zone around $1,900-$1,903 – where the Fibonacci 161.8% one-month, the previous day’s high and pivot point one-week R2 coincide.If the abovementioned powerful cushion gives way, then the correction could resume towards the confluence of the SMA10 four-hour and pivot point one-month R2 at $1,885.
Further south, the demand zone around $1,881 will come into play, which is the meeting point of the Fibonacci 61.8% one-day and the pivot point one-week R1.Gold price remains at the mercy of the geopolitical developments concerning the Russia-Ukraine crisis so far . The expectations of an imminent Russian invasion of Ukraine has eased, in anticipation of the planned diplomatic talks between the US and Russian officials, have cheered investors and capped gold’s upside.
$GOLD has potential to go over $2000 because hedge for inflation and the conflict between Russia and Ukraine It is seems you caught short , please close your short .
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