Gold whipsawed as markets await the Western response to the invasion of Ukraine. The rally accelerated after it broke above last June’s high at 1912.
Momentum trading pushed the price to September 2020’s highs (1975) before reversing its course. 1880 is fresh support after intraday buyers took profit.
As sentiment shifts to the bullish side, the current pullback combined with a depressed RSI could trigger a bargain-hunting behavior. Renewed buying frenzy may send the metal to the psychological level of 2000.
