The gold price bounces back after a brief retracement

NEW YORK (Mar 10)  Gold has found some support at the previous wave high despite falling from the most recent high of $2878.8/oz. In the European session, the price has now moved back above the psychological $2000/oz area after dipping below during the Asian session. Today the talks between Russia and Ukraine in Turkey have not yielded any significant changes. The ceasefires have not been observed and it seems like there have not been any new ones agreed upon by Russia's Lavrov and the rest of the delegates at the meeting.

Looking at the 4-hour chart below, The gold price bounced off the $1976/oz area that was the resistance zone on 24th April. On the downside that could be the next support again but there is a trendline marked in black pretty close by. On the upside, the next main target for the bulls is the all-time high at $2089.2/oz (Futures Price).

Other levels on the downside include the orange level at $1919/oz and the green area at $1881/oz. There are a few upward-sloping trendlines that could also be sticky too. For now, the bulls are in charge and the upside levels are still in focus.

KITCO