Gold price (Yellow Metal) is through the roof, extending its upside break towards $1,950, as risk-aversion remains at full steam after Russia invades Ukraine and President Vladimir Putin announces a special military operation in Donbas. Flight to safety remains the main theme.
Gold Fundamental Report
Spot gold trades at around $1,908 a troy ounce, up in the American session amid renewed risk aversion. The market’s sentiment took a turn to the worst on news coming from Ukraine as multiple government websites are offline after a DDoS attack blamed on Russia. Additionally, the country declared a State of Emergency starting February 24 and 30 days, warning of a possible Russian invasion within the next 48 hours.
Wall Street turned red after a positive start to the day, while US government bond yields ticked lower, reflecting the increasing demand for safety. On Tuesday, the US government announced sanctions on two of Russia’s largest financial institutions and cut off western financing to the country. Several European leaders announced other sanctions, including Germany halting a pipeline project. However, it is clear that Russia is not being intimated by the West.
The gold (Yellow Metal) pair nears its multi-month high posted earlier this week at $1,914.10 a troy ounce. The daily chart shows that technical indicators are picking up within overbought levels as the bright metal accelerates above bullish moving averages, all of which reflects increased buying interest.
Technical readings in the 4-hour chart reflect the positive tone of the pair but give no signs of upward momentum, as gold is developing above a mildly bullish 20 SMA, while technical indicators lack directional strength but hold within positive levels. The main resistance level is 1,916.50, where the pair topped on June 2021. The advance seems limited by the prevalent dollar’s demand, although chances are skewed to the upside.
सोशल मीडिया अपडेट्स के लिए हमें
Facebook ( https://www.facebook.com/goldsilverreports/ )
linkedin (https://www.linkedin.com/in/nealbhai/ )
और Twitter ( https://twitter.com/goldsilverrepor ) पर फॉलो करें।
हमारी फ्री सर्विस और लोगो की paid सर्विस से कई गुना अच्छी है।
आपको हर दिन दिए जाएंगे 3 से 5 कॉल बिलकुल फ्री
हर CALL में PROFIT दिये जायेंगे
तो जल्दी से MCX CHANNEL को JOIN कर लो (NEAL BHAI REPORTS)
JOIN US CLICK HERE
EQUITY CHANNEL को JOIN कर लो (EQUITY FREE TIPS)
JOIN US CLICK HERE
