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Gold revisits sub-$1,900 area as risk appetite improves

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Gold remains on the back foot around $1,892, following a fresh run-up to refresh the eight-month high with $1,908. The yellow metal’s latest weakness could be linked to the market’s hope of Ukraine diplomacy amid fresh chatters over a summit between US President Joe Biden and his Russian counterpart Vladimir Putin.

Technically, nothing much has changed for the bright metal, with the June 2021 highs of $1,917 still on buyers’ sight, as they await a bull cross confirmation on a daily closing basis. The 100-Daily Moving Average (DMA) is testing the 200-DMA, looking to cut above it for the upside, which will flash a bullish signal and offer the much-needed impetus to gold bulls.

ON buying resurgence, the eight-month highs will get retested, above which the June 2021 highs will be in focus. The next bullish target is aligned at $1,950, the psychological barrier. The 14-day Relative Strength Index (RSI) is sitting just beneath the overbought territory, suggesting that there is more room to rise for the bullion.

Alternatively, if the retracement picks up pace, then the round level of $1,890 will be threatened once again, below which floors will open up towards Tuesday’s high of $1,880. A fresh downswing will be triggered below the latter, as the $1,850 support area will be back on sellers’ radars.

Fundamental Overview

After witnessing a stellar performance all through the previous week amid geopolitical tensions, gold price ended Friday in the red, mainly driven by profit-taking. Also, hopes for diplomacy talks this week, with eyes on a planned meeting between the US Secretary of State Antony Blinken Russian Foreign Minister Sergey Lavrov, lifted the overall market mood, dulling gold’s safe-haven appeal. The proposed diplomatic talks between the US and Russia eased fears of an imminent Russian invasion of Ukraine, especially after the news of shellings and firing were reported earlier last week in war-torn East Ukraine. Gold price peaked at $1,903, fresh eight-month highs, before reversing sharply to near $1,885 levels. However, investors still remained somewhat cautious amid looming Russian risks, as Wall Street indices tumbled, which helped the bright metal recover some ground at the weekly close.

52 thoughts on “Gold revisits sub-$1,900 area as risk appetite improves”

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