Gold:
After dropping down to the $1781 area yesterday evening, Gold managed to climb towards $1798 before consolidating. The RSI levels on the daily chart remain oversold, currently at the 8.32 levels. On the 1hr time frames the recent candles that have emerged show to have decent buying pressure. It looks like the price will move up from here at test the $1800-03 zone this week. Not only do the technical support this analysis but the growing concerns over the “Omicron” variant might persuade investors to move into the safe-haven gold, pushing price up.
After dropping down to the $1781 area yesterday evening, Gold managed to climb towards $1798 before consolidating. The RSI levels on the daily chart remain oversold, currently at the 8.32 levels. On the 1hr time frames the recent candles that have emerged show to have decent buying pressure. It looks like the price will move up from here at test the $1800-03 zone this week. Not only do the technical support this analysis but the growing concerns over the “Omicron” variant might persuade investors to move into the safe-haven gold, pushing price up.