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The $2480 level has in fact offered a significant amount of resistance yet again.
Gold prices dipped below $2,460 per ounce at the start of trading on Wednesday but remained near record highs, benefiting from safe-haven demand amid growing geopolitical tensions.
I can see this asset is doing everything it can to break out to the upside.
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At the start of this week’s trading, gold futures approached an all-time daily high as investors prepare for key US inflation data.
Gold prices stabilized at the end of last week after a sharp rise in the previous session, as new US economic data eased recession fears, making the safe-haven metal less attractive to investors.
The first thing I see is that gold initially sold off at the open, but then had people jumping back into the market looking for safety.
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.
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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.