Analysts cite their next prospects for gold as traders look to new developments surrounding the Russia-Ukraine war and US dollar price dynamics, which will play a key role in influencing broader market risk sentiment. The last of these was analyst Anil Panchal. Here are the details…
What are the global developments affecting gold?
Gold healed its wounds, climbing 0.30 percent on the day to around $1,928 during Monday’s Asian session. cryptocoin.com As we reported, the yellow metal witnessed its biggest weekly loss since June 2021 as market sentiment improved and bullion suppressed safe-haven demand. However, Ukraine’s refusal of Russia’s demand for surrender in Mariupol has recently renewed a sense of risk aversion.
In addition to Kiev’s readiness to fight in Mariupol, the increased bombardment of Russian forces in Ukraine also reflects dire conditions. Recently, the Chinese Envoy has shown that he is ready to drop the war in Ukraine, but markets are skeptical, as the meeting between US President Joe Biden and his Chinese counterpart Xi Jinping did not convey any key details on the key issue last week. Increasing cases of covid in China and the suspension of trade in Hong Kong by Evergrande are also putting pressure on market sentiment, according to the expert.
What will happen this week? What does technical analysis show for gold?
This week, US President Joe Biden will hold a phone call with the leaders of France, Germany, Italy and the UK. It is thought that politicians can exert more pressure on Moscow and increase the power of gold. In addition, attention is drawn to the speech of Fed Chairman Jerome Powell.
According to Anil Panchal, gold prices are crossing the 50 percent Fibonacci correction in the January-March period with the RSI and MACD signals upwards. Considering the flat performance around $1,952 and $1,905, respectively, the yellow metal’s latest surge is targeting the upper end of the stated range, at $1,952. However, the sideways movement seen from late February will force gold’s upward move around $1,977/80. On the other hand, if there is a downside break from $1,950, Panchal cites that the $1,900 threshold will be significant.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.