Gold Consolidates as War Pressure Ramps Up
The price of gold is consolidating in a range between the 23.6% Fibonacci retracement level at 1922.32 and 38.2% Fibonacci at 1890.01, as peace talks are threatened by Russia's intensified aggression.
Depending on how the peace talks develop next, a breakout above the 23.6 per cent Fibonacci may be attempted, though this is then likely to be followed by a pullback to the resistance-turned-support at 1922.32.
Conversely, a breakdown below the lower limit of the channel could allow for a subsequent dropdown towards the 38.2 per cent Fibonacci, which is about to be crossed by the 100-day MA (in blue) soon. This would make the 1890.01 threshold an even more prominent turning point, which is already evident given its close proximity to the psychologically significant level at 1900.00.
Depending on how the peace talks develop next, a breakout above the 23.6 per cent Fibonacci may be attempted, though this is then likely to be followed by a pullback to the resistance-turned-support at 1922.32.
Conversely, a breakdown below the lower limit of the channel could allow for a subsequent dropdown towards the 38.2 per cent Fibonacci, which is about to be crossed by the 100-day MA (in blue) soon. This would make the 1890.01 threshold an even more prominent turning point, which is already evident given its close proximity to the psychologically significant level at 1900.00.
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