As Russia-Ukraine risks increase, gold prices continue to be supported by geopolitical developments. The G7 meeting on Thursday offers some optimism, but the feeling of risk is still in a bad state. According to Market Analyst Dhwani Mehta, the acceptance of $ 1,917 in yellow metal focuses on Ukraine for further upward movement. Recent developments and technical analysis of DHWANİ Mehta Kriptokoin.comWe have compiled for readers.
The market is waiting for the G7 meeting on Thursday about the Ukrainian crisis
Gold continues to withdraw safe port offers against the increasing geopolitical tensions after the official decision of the Russian President Vladimir Putin officially recognizing the two separatist republics in Eastern Ukraine.
The United States and its allies condemned Russia’s move at the Emergency meeting of the United Nations (UN) Security Council due to the White House prepared a series of sanctions on Russia. Some market participants still see a light of hope to reduce the tension and look forward to the G7 meeting on Thursday, the Ukrainian crisis.
Important levels to be followed for gold prices
The analyst uses Technical Confluences detector shows that the gold price is forcing key resistance in $ 1,909, the one -day upper Bollinger band. The analyst interprets the indicators as follows:
A continuous movement above the latter will bring the one -day R1 pivot point to $ 1,913, and the highest level of eight months will be challenged for $ 1,917. The admission above the latter will trigger a new rise towards $ 1,919, the one -week R1 pivot point. Further above, a daily R2 Pivot point at $ 1,921 will test the commitments of golden bears.
Analyst, as an alternative, if the corrective withdrawal continues, the highest level of the previous week is likely to threaten $ 1,903 and draws attention to the following levels of support:
The next relevant support is envisaged at the intersection of 161.8 %Fibonacci and four -hour SMA10. One day, Fibonacci will be 61.8 %for $ 1,896, and then he will reach the rescue of gold optimists.
