Gold investors have been smiling widely since this morning? It's fun to see the price of gold skyrocket.
The Russian-Ukrainian war crisis is seen as yet to show signs of abating with risks continuing to engulf the market until trading resumes earlier this week.
Demand for safe-haven assets remained strong seeing gold prices rise in the New York session last Friday although the US dollar was also seen to have strengthened following the release of an encouraging US NFP employment data report.
On the XAU/USD price chart which measures the value of gold against the US dollar saw the price continue to rise last Friday past the resistance level at 1950.00.
Although the US dollar strengthened after the NFP report in the New York session, it did not stop for gold to continue to push prices to higher levels to close last week’s trade in the 1970.00 high zone that had been reached the previous week.
Opening trading at the beginning of the Asian session this morning (Monday), the price continued to be driven higher until it touched the 2000.00 level which has been the target of investors since last week.
But just touching the latest high, the price then hovered slowly below it until the European session this afternoon.
The price movement is expected to be more attractive in the New York session soon with the expectation by investors for the price to rise above the 2000.00 level.
A higher rise in the price of gold will target up to the 2070.00 height zone after the all -time high reached in August 2020 around 2075.00 was recorded.
However, if the 2000.00 level becomes a new resistance for gold and the price decline occurs again, the 1970.00 and 1950.00 levels will return to the focus again as in previous weeks.
A lower decline for the bearish trend again for gold will test the level around 1900.00 or lower in the 1870.00 zone.
