Spot gold briefly rose above the $2,700 mark as the escalating conflict between Russia and Ukraine highlighted the appeal of safe-haven assets.
① The spot gold price is expected to achieve the largest weekly increase in over a year this week, reaching a daily high of $2700.21 per ounce; ② The situation between Russia and Ukraine has become complicated, with Russia testing a "new type of medium-range hypersonic missile"; ③ Global central bank bids have driven gold prices to rise more than 30% since the beginning of the year.
Is the "grass-eating" trend coming to an end? Gold is expected to have the most "bullish" week in a year.
The tense geopolitical situation has once again boosted, and the road to new highs for gold may not be over yet.
Gold has suddenly exploded! The gold price has surged nearly 30 dollars in one day. What will happen next? The analyst's latest technical analysis.
During the early European session on Friday, spot gold prices suddenly surged again in the short term, with the price approaching $2700 per ounce and a nearly $30 increase within the day. FXStreet analyst Haresh Menghani wrote that on Friday, gold prices rose for the fifth consecutive day, reaching a high point in nearly two weeks. The escalating Russia-Ukraine conflict continues to drive the safe-haven capital trend towards gold.
Renowned institutions' gold trading analysis: Gold prices are expected to rise by over $20 again.
At the end of the Asian market on Friday, spot gold maintained a sharp rise during the day, with the current price around $2689 per ounce, a daily increase of about $20. According to Economies.com, the outlook for gold remains bullish, with potential to rise to $2710.00 per ounce.
Gold Prices Rise, Set for Strong Weekly Gains on Russia-Ukraine Jitters
Spot gold short-term trend analysis: risk aversion sentiment continues to dominate the market, with the gold price possibly testing resistance near 2710.
On Friday (November 22) during the Asian session, spot gold fluctuated and rose, once refreshing a nearly two-week high of 2692.06 USD/ounce. The tense geopolitical situation between Russia and Ukraine continues to provide upward momentum for gold prices, and technical signals also lean towards bullish. In the short term, gold prices are expected to test the resistance area of 2700-2710. The main bullish fundamentals: the tension in the Russia-Ukraine situation, a sharp rise in risk-averse sentiment, and continuous increases in gold etf hold positions; the 10-year US Treasury yield reversed the overnight gains. The main bearish fundamentals: strong US economic data (initial claims data and housing market data), expectations for a rate cut by the Federal Reserve in December have cooled, and comments made by Federal Reserve officials.