Gold regains $1900 on Russia’s recognition of DPR and LPR, crisis escalates
The XAU/USD pair trimmed early gains and trades at around $1,896 a troy ounce, still struggling to take over the 1,900 threshold. The daily chart shows that the bright metal posted a higher high and a higher low for a third consecutive day, keeping the risk skewed to the upside. In the mentioned time frame, technical indicators consolidate within overbought readings as the 20 SMA advances above the longer ones.
In the near term, and according to the 4-hour chart, the bright metal has room to extend its gains. A bullish 20 SMA is leading the way higher, heading higher and providing intraday support. The longer moving averages have also turned higher below the shorter one, while technical indicators have retreated within positive levels, reflecting the lack of bullish strength rather than signaling an upcoming decline. The next relevant resistance level is 1,916.50, June 2021 monthly high.
Gold surged to $1,908.23 a troy ounce, its highest since early in June 2021 as financial markets kick-started the week in risk-off mode. Escalating geopolitical tensions on the border between Ukraine and Russia are behind the dismal mood, as a war in Europe seems imminent.
The market’s sentiment remained sour through the Asian and European sessions, with local share markets plummeting in the red and the dollar gaining some bullish traction. A holiday in the US amid the celebration of Presidents Day has resulted in easing the dollar’s demand.Interested in weekly XAU/USD forecasts? Our experts make weekly updates forecasting the next possible moves of the gold-dollar pair.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Forecast, News and Analysis - FXStreetCheck our updated for Gold News including real time updates, forecast, technical analysis and the economic latest events from the best source of Forex News
Read more »
Gold Weekly Forecast: Gold shines as the go-to safe-haven assetGold started the week on a firm footing as investors sought refuge over heightened fears of a Russian invasion. Although reports claiming that Russian
Read more »
USDCAD Forecast, News and Analysis - FXStreetCheck our updated for USDCAD News including real time updates, forecast, technical analysis and the economic latest events from the best source of Forex News.
Read more »
GBPUSD Forecast, News and Analysis - FXStreetCheck our updated for GBPUSD News including real time updates, forecast, technical analysis and the economic latest events from the best source of Forex News.
Read more »
Gold Price Forecast: $1,890 could come under pressure to give out for a deep correctionGold Price Forecast: $1,890 could come under pressure to give out for a deep correction By ross_burland Gold Commodities DollarIndex RussianFederation
Read more »
Gold Price Forecast: All ears to the ground for announcements from the KremlinGold has been trapped in a sideways consolidation in Monday's range and between the toing and froing of headlines centred around the Russian/Ukraine d
Read more »