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On Tuesday, Gold traded rather low, as the dollar strengthened and treasury yields rose. Rising real yields have been undermining the appeal of gold, which struggled for the past few days. In addition, as fears of the effect of Omicron on global economy ease, risk-appetite grows and investors turn towards riskier assets.
On Wednesday morning though, Gold gained some strength, climbing to $1,820 per ounce, amidst rising geopolitical tensions. The Russia-Ukraine crisis has been keeping the price of the commodity up and investors may turn to safe-haven assets in the event of a Russian incursion. Later on Wednesday, gold price started to rise, breaking through its $1,829 per ounce resistance and climbing to its highest price in two months, as yields fell across the US Treasury curve.
If the price of Gold continues to climb, it may find resistance at $1,877 per ounce, while if the price of gold decreases, the $1,800 level may provide support, while further down, support may be found at 1,782 per ounce.
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Written by:
Myrsini Giannouli
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