Gold is once again testing the $2200 mark as demand for safe-haven assets sees a resurgence.

The price of gold saw a significant rise on Tuesday, pushing towards the psychological barrier of $2200. This surge was fueled by a weakening dollar amidst growing optimism regarding potential rate cuts by the Federal Reserve, coupled with ongoing geopolitical tensions.

Investors are eagerly awaiting the release of US inflation data later this week, which could offer insights into the timing of any potential rate cuts.

This latest upward momentum is pushing against the upper bounds of the recent trading range, following a brief spike to a new all-time high last week. Positive sentiment is bolstered by a bullish technical outlook on the daily chart, supporting the ongoing upward movement.

A sustained break above the $2200 level would signal further bullish momentum, potentially leading to a retest of the recent high at $2222. A breach of this level could indicate the continuation of the broader uptrend, with potential targets at $2250 (representing the 138.2% Fibonacci projection of the uptrend from the 2022 low at $1614) and $2300, a key psychological level.

In the near term, the bias is expected to remain firmly in favor of the bulls, as long as the price remains above the 10-day moving average at $2171.

Res: 2200; 2222; 2250; 2300

Sup: 2184; 2170; 2146; 2131