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Gold surges above $1900 on growing uncertainty

Gold surged above $1900 mark on Monday and hit its highest since early February, as growing uncertainty after collapse of Silicon Valley Bank and subsequent downgrade in expectations about the size of Fed’s next rate hikes, prompted investors out of dollar, boosting yellow metal’s safe-haven appeal.

Markets became increasingly worried that collapse of SVB may spark a chain reaction, as banking sector seems to be hurt by rising borrowing cost more than estimated, despite the US President Biden, in his speech today, declared that the US baking system is safe, after the collapse of Silicon Valley Bank and Signature Bank in New York.
Immediate measures taken by government to protect bank customers and save their deposits and President Biden’s promises that American banking system is safe and regulators are going to apply new and stricter rules, did not fully convince investors, which fled into safety in the highly uncertain conditions.

Gold price is in steep ascend for the third straight day, after the dollar was initially dented by speculations about Fed’s coming action and further pressured by last Friday’s US labor report and SVB collapse.

Fresh bullish acceleration on Monday further improved the structure of daily technical studies, as positive momentum is gaining pace, moving averages are in bullish setup and strong bullish signal was generated on break through very significant $1900 barrier (psychological / Fibo 61.8% of $1959/$1800 / top od daily Ichimoku cloud).

In addition, completion of bullish failure swing pattern on daily chart contributed to positive signals.

Daily close above $1900 level is needed to confirm bullish stance and signal further advance of metal’s price, mainly driven by fundamentals.
Bulls eye immediate target at $1922 (Fibo 76.4%) the last obstacle en-route to key barrier at $1959 (2023 high, posted on Feb 2).

Meanwhile, bulls may take a breather after strong rally, as daily studies are overbought, and traders are focusing on Tuesday’s release of the US Feb inflation report.

Res: 1909; 1923; 1929; 1949
Sup: 1900; 1882; 1866; 1856