Gold eyes worst week in four months below $1,950 amid Ukraine woes XAUUSD commodities
From a technical perspective, the post-FOMC positive move faltered near the $1,950 region, which is closely followed by the 38.2% Fibonacci retracement level of the $1,780-$2,070 rally. The latter is pegged near the $1,960 area, which if cleared decisively will set the stage for additional gains. Gold might then accelerate the momentum back towards the key $2,000 psychological mark, or the 23.6% Fibo. level.
On the flip side, weakness below the 50% Fibo. level, around the $1,925 zone, might find some support near the $1,918-$1,917 region. Some follow-through selling would expose the 61.8% Fibo. level, around the $1,895 area. Failure to defend the said support levels would be seen as a fresh trigger for bearish traders.
The downside, however, remains cushioned, at least for the time being, amid worries about the lack of progress in the Russia-Ukraine peace negotiations. This kept a lid on the recent optimistic move in the markets, instead triggered a fresh leg down in the equity markets and extended some support to the safe-haven .
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