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V-shaped recovery in Gold! The yellow metal rallies back to $2920.

It seems like bulls are not yet ready to give up as Gold prices strongly reversed after hitting a low of 2900 in Tuesday's session. Uncertainty looming around a peace deal between Russia and Ukraine and an ongoing trade war boost the demand for this safe haven asset. A strong bullish candle on the daily chart of Gold suggests further positive momentum along with an inverted head and shoulder pattern formed on 4H timeframe. Weekly trend is bullish to neutral so buying on support and selling on resistance strategy seems fit. Crucial support lies at 2901, 2895 & 2887 while important resistance levels to watch out for are 2915, 2921 & 2928.