Gold has held key support at $1,775-$1,800 thus far. The yellow metal could break above the $1,895 resistance on escalation of geopolitical tensions, strategists at Standard Chartered report.
XAUUSD to plunge towards $1,675 on a drop under $1,775
“Geopolitical uncertainty and elevated worries of policy mistakes are likely to continue to be supportive, and any escalation on either worry could see gold breaking above the $1,875-$1,895 resistance, with a target near $1,960, especially if USD strength starts to slow.”
“A break below $1,775 would risk a positioning led sell-off towards $1,675.”