XAUUSD

In a period when geopolitical risks are high, the tension between Ukraine and Russia is supporting gold prices in an upward direction. Especially, Russia’s firing of an intercontinental ballistic missile has increased the demand for safe-haven assets in the markets, contributing to the appreciation of gold. Global economic data and upcoming PMI figures from the US and Europe could also impact developments in the gold market.

Technically, gold is following an upward trend on the 4-hour chart. The levels of 2680, 2670, and 2660 are identified as significant support areas, with the price trading at 2686.93. The resistance levels of 2693 and 2700 are crucial for upward movements, while the RSI indicator is at 65, displaying a positive outlook. An increase of 0.66% compared to the previous day is observed. Based on this data, the upward trend may continue as long as the price does not fall below the 2660 level.