Gold analysis: Bulls are back!

Gold analysis: Bulls are back!

12 April 2022, 20:23
Tom Seljakin
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GOLDEN BULLS GET ANGRIER.


So the golden bulls are back in the race. After a two-time retest of the level of 1900.00, the price showed that there is no way back. Given the conflict between Ukraine and Russia, the current economic uncertainty is forcing investors to look for safe investment opportunities.


Gold is associated with risk aversion among investors and is traditionally in demand during times of market turbulence. Therefore, given the current fundamentals, we can say that all the factors support a positive forecast for the growth of the currency.


As for the technical analysis, the price, after touching the global maximum, went into a deep correction in order to gain strength before the next bullish movement. The price touching the 2070.00 mark allowed large investors to take profits after such a long bullish trend, and smaller players supported this trend (thus bringing the price lower).

The price tried unsuccessfully to break the 1900 support level twice, showing that large investors have found an excellent level to go into longs during the current political instability. The price breaking through the previous local high of 1965 only proves that large investors are serious about their decision.


Now the first target is 2000, and its subsequent breakout will only prove that the price is preparing to break through the global maximum, and will give us a target of 2070, where we can take part of the profit before the correction and the next local growth.


The Omega Point Indicator has showed the buy signal with the maximum take-level at the price 1991. The first three take-levels have been reached easily, and there is a huge chance that the take-level 4 will be reached as well.



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