GOLD → New reasons for the growing interest in gold

XAUUSD strengthened last week and closed with +1.2% at 2035.375. Price returns to the flat range that is forming within the uptrend.

Let's move a bit away from the local situation and take a look at the global chart. The global uptrend with variable trends indicates a rather huge interest from buyers, which is not subsiding. The pressure on the resistance, which restrains the growth beyond 2100 continues to increase and most likely in the medium term there will be continued attempts to break through 2075 - 2100 and further strengthening towards 2300-2500.

As for the range. The market continues to form a global flat on the background of the Fed's tough policy. Buyers are holding back all attempts to fall, which bears are trying to forge on the background of negative news for gold.
Let's pay attention to Friday, February 23: Gold receives an unexpected inflow of funds due to the sanctions imposed by the U.S., Canada, the UK and European countries against Russia, the former CIS countries and Asian countries. Against the backdrop of a possible crisis, money is looking for a safe haven and is finding it in gold. Accordingly, the interest to the metal is growing and most likely the price will continue its growth to higher highs.

Expectations for the coming week: Flat is forming on D1, after realizing the potential relative to the range support the market gets a target in the form of flat resistance. Important levels are shown on the screenshots above. Fundamentally, the gold market is still under the pressure of sellers, but at the same time the interest in the metal, against the background of geopolitical crisis is growing, which favorably affects the price. In the medium term it is worth considering to prioritize buying, because technically and fundamentally the situation has shifted a bit, but we should not forget that there are no trend rules inside the flat. Price is moving between levels.

Resistance levels: 2044.6, 2060, 2065.46
Support levels: Fibo: 0.618, 0.5, 0.382

GOLD GC1! MGC1! DXY

Regards R. Linda!

Comment:

Strong levels for medium to long term perspective

Comment:

The week ahead is very full of news
A lot of FOMC & FED commentaries will be published

Comment:

The market is testing the resistance area

Comment:

A correction is forming from the opening
It is necessary to pay attention to strong reversal zones on H1