Traders look at new developments surrounding the Russian-Ukraine war, which will play a key role in influencing wider market risk sensitivity, and the US Dollar price dynamics, while analysts convey their next expectations for gold. The last of these was Anıl Panchal. Here are the details…
What are the global developments affecting gold?
Gold, during the Asian session on Monday, increased by 0.30 percent during the day to $ 1,928 wounds surrounded. Kriptokoin.comAs we have reported, Yellow Metal has witnessed the biggest weekly loss since June 2021 due to the increase in market sensitivity last week and the suppression of the ingenuity of the ingots. However, Ukraine’s rejection of Russia’s request for surrendering in Mariupol has recently renewed the feeling of avoiding risk.
In addition to the fact that Kiev is ready to fight in Mariupol, the increasing bombardment of Russian forces in Ukraine reflects the grave conditions. Recently, the Chinese ambassador has shown that he was ready to lower the war in Ukraine, but the markets have been doubts about the key issue in the meeting between US President Joe Biden and his Chinese counterpart Xi Jinping last week. Increasing Covid cases in China and the suspension of trade in Hong Kong by Evergrande also put pressure on the market feeling, according to the expert.
What will happen this week? What does technical analysis show for gold?
This week, US President Joe Biden will have a telephone conversation with the leaders of France, Germany, Italy and the UK. It is thought that politicians can increase the power of more pressure on Moscow and the power of gold. In addition, FED President Jerome Powell’s speech is also drawn attention.
According to Anıl Panchal, gold prices, RSI and MACD signals, are upward to the 50 percent Fibonacci correction in the January-March period. Considering the horizontal performance of around 1.952 and $ 1,905 respectively, the last increase of the yellow metal aims at the upper limit of the specified range, ie $ 1,952. However, according to the analyst, the horizontal movement, which has been seen since the end of February, will force the upward movement of gold around $ 1,977/80. On the other hand, if a fracture of $ 1,950 takes place, the Panchal states that the 1,900 threshold will be important.
