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Gold prices gained momentum to trade above $2400 per ounce on Wednesday, paring the week's losses as investors assessed recession risks in the United States and weighed markets between gold and cash following broad-based selloffs in risky assets on Monday.
Gold was all over the place during the trading session on Wednesday as we are trying to sort out what to do next.
During yesterday's trading, the price of gold attempted to rebound upwards, gaining to the resistance level of $2418 per ounce.
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The first thing I see is that this asset continues to see a lot of volatility.
At the beginning of this week's trading, the price of gold fell to around $2,365 per ounce, paring its previous gains and retreating from last week's record highs as investors took profits.
Gold plunged in the early hours on Monday as we continue to see a lot of volatility in markets overall.
At the end of last week's trading, gold prices rose to more than $2,476 per ounce, a new record level, after a weak report on jobs in the United States of America.
At the start of trading on Thursday, the price of gold jumped towards the resistance level of $2,458 per ounce.
As expected, gold prices rose to around $2,425 an ounce during trading on Wednesday, paring earlier losses driven by safe-haven demand amid fears of an escalation in the Middle East conflict.
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I continue to focus on the $2,400 level as it was a major area of noise in the past.
Gold price has surpassed the psychological resistance of $2400 per ounce at the beginning of this week's trading, continuing its gains from the previous session
By the end of last week's trading, the price of gold rose to $2,390 per ounce before closing at $2,388 per ounce.
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I see that we are approaching the crucial $2,400 level.
Gold prices failed to sustain their upward momentum yesterday, unable to breach the resistance level of $2432 per ounce.
Gold prices are in a rebound mode this week, gaining above the $2419 resistance level and recovering from last week's losses that took the price down to the $2384 support level.