Gold price surges on renewed geopolitical tensions
Spot gold advanced 1.4% on Thursday and hit new 8-month high, as renewed tensions over Ukraine and less hawkish than expected Fed minutes, boosted demand for safe-haven metal.
Fresh acceleration came ticks ahead of psychological $1900 barrier, violation of which would open way for further advance and unmask key Fibo resistance at $1922 (61.8% retracement of $2074/$1677 descend).
Fundamentals continue to be bullion’s key driver and bulls for now ignore overextended daily studies, however, some corrective easing should be anticipated in coming sessions.
Dips should provide better buying opportunities, with supports at $1879 and $1867 to ideally contain and keep intact pivotal $1850 support zone (former high of Jan 25 / rising daily Tenkan-sen.
Res: 1900; 1910; 1922; 1927
Sup: 1879; 1877; 1867; 1853