Gold trading is also no less great in surprising investors in a turbulent market environment.
The price of gold on Thursday yesterday had soared around $ 60 before plunging back almost $ 100!
On the XAU/USD price chart which measures the value of gold against the US dollar yesterday, gold investors smiled happily as prices climbed higher in the Asian and European sessions yesterday.
The highest level reached by the price was around 1974.00, the highest reached since August 2020.
This has surpassed the analyst's target to reach the level around 1950.00. The rise in gold prices was driven by investor concerns following the development of the Russian-Ukrainian war crisis that shocked the world yesterday with gold safe-haven assets becoming an attraction.
However, what was more surprising when the price of gold plummeted again in the New York session yesterday to almost 1,000 pips.
This is a follow -up to the market's reaction to the world's leaders' agreement that increased sanctions on Russia in the wake of Russia's invasion of Ukraine.
Gold prices plunged back below the 1900.00 level and hit a daily low of around 1878.00 in the RBS (resistance become support) zone before rebounding to resume trading on Friday.
Rising prices however are seen to be limited and prices are testing the Moving Average 50 (MA50) barrier on the 1-hour time frame to signal further gold movement while the development of the Russia-Ukraine crisis continues to be monitored.
For the expected decline, the RBS 1870.00 zone continues to be the focus to be tested before the decline continues towards the 1850.00 zone.
However, if the price of gold rises again, the level of 1950.00 will be broken again and investors want to see if the high level reached yesterday can be overcome before targeting the level of 2000.00.
