- Gold rises on Monday but remains in the $1930 area.
- Key resistance at $1950 area, support at $1915.
- Volatility down, waiting for news.
Gold is rising at the start of the week and is trading in the $1930 area, with a bullish intraday bias. The advance comes despite the strength of the dollar.
range is maintained
The volatility in gold shows signs of stabilization, although it could change at any time. Although the intraday bias is bullish, in a larger perspective, the perspective of lateral runs prevails with dominant downside risks.
The mentioned risks will remain as long as XAU/USD trades below the $1950 area, which is a relevant resistance and where is the 20-day moving average. If it rises and closes clearly above, the risks would become bullish.
For days now, gold has been moving sideways around the current level. Key short-term support has turned to $1915. A daily close below would enable more pullbacks. Supports below are seen at $1,900 and then the March low at $1,889.
On Monday, sideways rallies for gold could continue considering the light economic calendar, the lack of news of progress in talks due to the situation in Ukraine and the scattered rallies along the Treasury yield curve.
Technical levels
Source: Fx Street
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