The Gold Index (XAU\/USD) hit $1900 per ounce for the first time since June 2021 on Thursday, taking its on-the-day gains to more than 1.5% as geopolitical tensions between Russia, Ukraine and NATO simmer, stimulating demand for safe-haven assets.
Gold now trades more than 2.0% higher on the week, taking its two-week run of gains to nearly 5.0%. Fears of an imminent Russian military incursion into Ukraine have escalated in recent days.
Reports of shelling in the war-torn Donbas region of Eastern Ukraine on Thursday are sparking fears that Russia is looking to create a pretext for military action, as the country continues to amass troops near the Ukrainian border.
A positive technical background has coincided with the increased safe-haven demand for gold; XAU\/USD broke above a key long-term pennant structure at the end of last week.
This week it fell back to the $1850 area to test the old long-term pennant and, promisingly for the bulls, found strong support. The bulls will now likely target a move above $1900 and towards the mid-2021 highs in the $1915 area.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Gold Index (XAU\/USD) hit $1900 per ounce for the first time since June 2021 on Thursday, taking its on-the-day gains to more than 1.5% as geopolitical tensions between Russia, Ukraine and NATO simmer, stimulating demand for safe-haven assets.Gold now trades more than 2.0% higher on the week, taking its two-week run of gains to …<\/p>\n","protected":false},"author":13,"featured_media":54351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4707,38,37,36],"tags":[8630,7123,7603,8432,7561,8798,8592,8168,7471,8829,8110],"class_list":["post-60494","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-breaking-news","category-commodities-news","category-forex-markets","category-market-updates","tag-bulls","tag-demand","tag-gold-prices","tag-nato","tag-resistance","tag-russia-ukraine-military-conflict","tag-russian-ukranian-crisis","tag-safe-haven","tag-support","tag-tanks","tag-ukraine"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=60494"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60494\/revisions"}],"predecessor-version":[{"id":60498,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60494\/revisions\/60498"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/54351"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=60494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=60494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=60494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}