Gold Tries to Find Direction

Despite fears of the newly discovered Covid-19 Omicron variant, the typical safe haven in times of crisis made lackluster movements as it tries to find a direction. While the overall trend is bullish, the short term outlook may be a little less eventful as the yellow metal tries to break past the key resistance level of $1800 and tries to break below the key support level of $1780.

  • Should the price close above the key resistance level of $1800, bulls may come in to capitalize on the momentum.
  • On the other hand, should the price fall below $1780, a sell off may occur with bears targeting the price range of $1750.