Gold rose to 2190, the rising pattern remains unchanged

On Wednesday, Japan's Ministry of Finance, Financial Services Agency and Bank of Japan held an emergency meeting to discuss the financial market. Makoto Kanda warned the market that he might intervene in the market. The USD/JPY and US dollar index subsequently turned from rising to falling. The decline in the U.S. dollar index in turn boosted the gold market.
Gold prices are starting a new round of gains from support near $2020. Buyers broke the $2,120 resistance and started a strong rebound. Buyers pushed the price above $2,180 and $2,200. Finally, the price approached the $2,225 level before the sellers emerged, with a high formed at $2,222 and a minor downward correction that broke the $2,200 level.
The first major support level is seen at $2,160. On the same chart, there is also a key contracting triangle forming with support at $2,160. If the market continues to weaken, gold prices may move towards the $2,142 level or the 50% Fibonacci retracement level of the move from the $2,222 low to the $2,222 high.
On the other hand, on the bright side, gold prices face resistance near $2,190 if conditions continue higher. Major resistance is currently forming near $2,200. If it breaks above $2,220, the price could accelerate its rise.

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