XAU/USD: gold consolidating around 1900.00
Current trend
During the Asian session, gold prices show near-zero dynamics, consolidating near the level of 1900.00 amid reports that the US and its allies imposed new sanctions against Russia over the weekend. Yesterday, the instrument recorded a moderate decline, opening with a positive gap but closer to the daily session close, gold managed to bounce back partially.
The asset added about 6.7% at the end of February, which was the most strong monthly growth since May 2021. Demand for the metal is supported against the background of the deteriorating situation around Ukraine. At the end of February, Russian President Vladimir Putin authorized a special military operation on its territory, which immediately met with strong criticism from Western countries. To date, unprecedented economic sanctions have been imposed on Russia, and the rhetoric official representatives of European countries and their partners is tightening. Experts believe that against the background of the escalation of the conflict, the position of gold will only strengthen, and quotes will break through the level of 2K per ounce and will be held in this area until the US Federal Reserve meeting, at which decisions on monetary policy adjustment will be announced.
On Tuesday, investors are waiting for the publication of a block of US data on the level of business activity from ISM for February. More interesting drivers will appear on Wednesday when the head of the US Federal Reserve, Jerome Powell, will make a speech in Congress, and the monthly economic review from the regulator will be published.
Support and resistance
On the daily chart, Bollinger Bands are actively growing. The price range is narrowing, reflecting the ambiguous nature of trading in the short term. The MACD indicator falls, keeping a poor sell signal (the histogram is below the signal line). Stochastic, having approached the level of 20 mark, reverses into a horizontal plane, indicating that gold may become oversold in the ultra-short term.
Resistance levels: 1918.04, 1935.00, 1952.53, 1974.22.
Support levels: 1900.00, 1877.61, 1868.46, 1860.00.
During the Asian session, gold prices show near-zero dynamics, consolidating near the level of 1900.00 amid reports that the US and its allies imposed new sanctions against Russia over the weekend. Yesterday, the instrument recorded a moderate decline, opening with a positive gap but closer to the daily session close, gold managed to bounce back partially.
The asset added about 6.7% at the end of February, which was the most strong monthly growth since May 2021. Demand for the metal is supported against the background of the deteriorating situation around Ukraine. At the end of February, Russian President Vladimir Putin authorized a special military operation on its territory, which immediately met with strong criticism from Western countries. To date, unprecedented economic sanctions have been imposed on Russia, and the rhetoric official representatives of European countries and their partners is tightening. Experts believe that against the background of the escalation of the conflict, the position of gold will only strengthen, and quotes will break through the level of 2K per ounce and will be held in this area until the US Federal Reserve meeting, at which decisions on monetary policy adjustment will be announced.
On Tuesday, investors are waiting for the publication of a block of US data on the level of business activity from ISM for February. More interesting drivers will appear on Wednesday when the head of the US Federal Reserve, Jerome Powell, will make a speech in Congress, and the monthly economic review from the regulator will be published.
Support and resistance
On the daily chart, Bollinger Bands are actively growing. The price range is narrowing, reflecting the ambiguous nature of trading in the short term. The MACD indicator falls, keeping a poor sell signal (the histogram is below the signal line). Stochastic, having approached the level of 20 mark, reverses into a horizontal plane, indicating that gold may become oversold in the ultra-short term.
Resistance levels: 1918.04, 1935.00, 1952.53, 1974.22.
Support levels: 1900.00, 1877.61, 1868.46, 1860.00.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.