- After a day of extreme volatility, gold tries to stabilize.
- Very short-term negative bias, after finding resistance at $1920.
The gold is trading in barely positive territory on Friday. The value of the ounce rose hours ago to $1,921, but after failing to hold above $1,920, it lost momentum. It is trading at $1908, the lowest since the Asian session.
XAU/USD had a historic day on Thursday rising $65 and then falling almost $100 from the peak, bottoming out at $1877. He managed to close the day over $1,900.
Eyes on Ukraine, US data coming.
As the Russian advance on Ukraine continues, markets remain on alert. Volatility is generally lower after showing extreme levels in almost all markets on Thursday. Stocks in Europe are rebounding, buoyed by Wall Street’s rally over Thursday’s close. The futures of the main US indices are in the red. Treasury bond yields are closer to weekly highs than lows, which works against gold.
On Friday there will be US data including personal consumption inflation, durable goods orders, personal income and spending, consumer confidence and pending home sales. These are several reports that may have an impact on the dollar.
key levels
At short term the key resistance is at $1920. If there is a confirmation above, the metal could gain momentum to extend the initial advance to $1930. The next resistance is at $1950. In the opposite direction, $1,900 is the first zone to consider, followed by $1,890, and then $1,879.
Technical levels
Source: Fx Street
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