Following an impressive rally to its highest level since September 2020 at $1,974 on Thursday, gold declined below $1,900 on Friday and ended up snapping a three-week winning streak. The yellow metal is set to continue its move higher on protracted tensions in Ukraine, FXStreet’s Eren Sengezer reports.
Technical outlook remains bullish as long as $1,870 support holds.“In case Russia reaffirms its intention to look for a diplomatic solution and refrains from advancing its troops early next week, gold is likely to face additional selling pressure. On the flip side, a prolonged military conflict with Russia’s intention to take over Kyiv and additional sanctions from the west could support the precious metal.”
“The initial support is located at $1,870 (static level, ascending trend line). In case XAU/USD makes a daily close below that level it could extend its slide toward $1,850 (static level, 20-day SMA).”“On the upside, $1,900 (psychological level) aligns as first resistance. If buyers managed to flip that level into support, $1,910 (static level) could be seen as the next hurdle before $1,920 (static level).”
EUR/USD regains the 1.1200 level as mood improves.EUR/USD is trading around 1.1240, as demand for the greenback receded and stocks bounced. Market players maintain their eyes on Russia-Ukraine developments, and tensions continue in the region.
EUR/USD News… GBP/USD erases gains below 1.3400 as Russia closes in on Kyiv
GBP/USD is paring back gains while falling below 1.3400, as risk-off flows return on reports of Russia looking to attack Kyiv yet again. The safe-haven US dollar is finding fresh demand ahead of the key US data and NATO meeting.
GBP/USD News ..GBP/USD erases gains below 1.3400 as Russia closes in on Kyiv.GBP/USD is paring back gains while falling below 1.3400, as risk-off flows return on reports of Russia looking to attack Kyiv yet again. The safe-haven US dollar is finding fresh demand ahead of the key US data and NATO meeting.
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