Gold prices moved sharply higher during today's session and managed to break above key resistance at $1830 an ounce. Gold is currently trading at its highest level since mid-November, amid a weaker dollar and despite the fact that bond yields remain elevated. Yesterday's 10Y US bond yields reached nearly 1.9%, however today yields retreated to 1.85%.Also ongoing geopolitical tensions between Russia and Ukraine offered the yellow metal some support. Moreover, we have repeatedly pointed out that gold performs well at the beginning of the year. However, further prospects are not known, due to the fact that China is introducing additional restrictions, which may inhibit seasonal gold purchases for the New Year celebrations.
Gold price managed to break above major resistance at $1830.00 which is marked with previous price reactions and 61.8% Fibonacci retracement of the last downward correction. If current sentiment prevails, the next target for market bulls is located around $1869.00 where November highs are located. This level also coincides with the upper limit of the local 1:1 structure. Source: xStation5
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