Fears over growth and raging inflation gripped the markets, knocking down riskier assets while boosting the demand for the traditional safe haven assets such as gold, US Treasury bonds and the yen. Increased risk-off flows into the US government bonds dragged the rates lower across the curve, which, in turn, triggered a fresh downswing in the dollar. Gold Price, therefore, benefited, as the Dollar resumed its correction from two-decade highs alongside falling yields.
Gold bulls should target the $1867 and $1892 levels next, which would be a validation for the 61.8% Fibonacci fibonacci level of $1,917
The upside breakout and the subsequent daily closing above the 200-DMA reinforced the bullish interests.
