Two major pieces of news from Russia and Ukraine, gold surges again! Gold price soars nearly $15 within the day. How to trade gold.
In early European trading on Thursday, spot gold accelerated its short-term rise, with the price approaching $2665 per ounce, a nearly $15 surge intraday. FXStreet senior analyst Dhwani Mehta pointed out that the gold price is at its highest level in over a week. Geopolitical risks continue to support the traditional safe-haven gold prices.
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Analysts point out that historically, after elections, the timing of the US stock market cooling down and the gold rebound is the same. The most likely failed type of 'Trump trade' today is......
Gold Continues Bullish Trend, Eyes US$2,700 Mark
November 21 spot gold short-term trend analysis: bullish momentum is strong, beware of usa initial claims data.
On Thursday (November 21), in the Asian market, spot gold fluctuated upward, reaching a high of $2,660.31 per ounce, the highest level since November 11. It is currently traded at $2,656.75 per ounce, an increase of about 0.25%, continuing to be supported by safe-haven demand amidst the escalation of the Russia-Ukraine war. On Wednesday, Ukraine launched multiple British "Storm Shadow" cruise missiles at Russia, following the use of USA ATACMS missiles against Russia on Tuesday, marking the latest Western weapon that Ukraine is permitted to use against Russian targets. Meanwhile, the USA vetoed the United Nations Security Council resolution on a ceasefire in Gaza, which complicates the current situation.
After a significant rise in gold prices, the first target has been successfully achieved! The next target is aimed at this level. Well-known institutions' gold trade analysis.
On Thursday, at the end of the Asian market, spot gold maintained an upward trend during the day, currently priced around $2658 per ounce. According to Economies.com, the gold price has successfully reached the first target of $2655.00 per ounce, paving the way for further increases.
The demand for hedging has ignited the gold bulls, with gold prices rising for four consecutive days! Analysts say that in the coming years, 3,000 dollars will look "very cheap."
Goldman Sachs expects gold prices to rise further to $3,000 per ounce by the end of next year, while UBS Group anticipates gold prices will reach $2,900 per ounce.