Gold lost some ground as of late as negative impact of expected Fed's tightening outweighed positive impact of safe haven flows amid Russian invasion of Ukraine. However, this doesn't mean that bulls are fighting a lost cause. In fact, a strong bullish setup surfaced yesterday on the daily chart.
Taking a look at GOLD we can see that precious metals tried to break below a mid-term support zone in the $1,920 area yesterday. A strong downward move was halted at the 50-session moving average in the $1,900 per ounce area (green line) and buyers regained control. Daily drop was almost fully erased and GOLD climbed back above $1,920, painting a long lower wick in the process. Continuation of the upward move cannot be ruled out with the $1,960 area being the first resistance zone to watch in near-term.
Gold traders should keep on guard today near 1:15 pm BST as the ADP employment report for March will be released. It may move USD somewhat, which may in turn have an impact on gold price actions.
Source: xStation5
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