GOLD: Technical & Fundamental Analysis.
Gold at the time of this publication was trading around 1932/oz.
Technical Analysis:
On a daily scale, it seems to be moving in an upward channel with price above the Moving Averages of 5, 20 and 200-day period. Its nearest resistance is seen at $1975 and nearest support at $1915.
Fundamental Analysis:
It witnessed some selling during the first half of the trading session of Wednesday. However, worsening situation in Ukraine coupled with the rising inflationary pressures and sanctions of the Russian banks and oligarchs by the western nations should continue to lend support to Gold.
Technical Analysis:
On a daily scale, it seems to be moving in an upward channel with price above the Moving Averages of 5, 20 and 200-day period. Its nearest resistance is seen at $1975 and nearest support at $1915.
Fundamental Analysis:
It witnessed some selling during the first half of the trading session of Wednesday. However, worsening situation in Ukraine coupled with the rising inflationary pressures and sanctions of the Russian banks and oligarchs by the western nations should continue to lend support to Gold.
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