Gold price is currently mirroring movement in the US dollar whilst being subjected to the outcome of the G20 summit meeting, as investors look to see how the US-China trade dispute will unfold alongside other geopolitical tensions. Recent clash between Russia and Ukraine has added to the political uncertainty at hand and could potentially add to the appeal of the save haven’s demand.
The yellow metal is currently ranging within the constraints of the band as it holds above support level at 1223.10. In the case that it maintains it could move to the upper side of the band , testing resistance at 1226.36. Should gold retreat below that level, it could meet its next support at the 100 Moving average at 1221.35.
Support: 1223.10 / 1221.84
Resistance: 1226.30 / 1228.58