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.
Gold Prices Rise, Set for Strong Weekly Gains on Russia-Ukraine Jitters
Spot gold short-term trend analysis: Risk aversion continues to dominate the market, and gold prices may test resistance near 2710.
On Friday (November 22), during the Asian session, spot gold shook higher, briefly hitting a near two-week high of $2692.06 per ounce. The tensions in Russia and Ukraine continue to provide upward momentum for the gold price, with technical signals leaning towards the bullish side. In the short term, gold prices are expected to test the resistance zone of 2700-2710. The main bullish factors are: escalating tensions between Russia and Ukraine, sharp increase in safe-haven sentiment, continuous rise in gold ETF holdings; the 10-year US Treasury yield giving back the overnight gains. The main bearish factors are: strong US economic data (initial jobless claims and housing data), cooling expectations of a December rate cut by the Federal Reserve, comments from Fed officials.
Gold Continues Bullish Trend, Eyes US$2,700 Mark
Spot gold short-term trend analysis on November 21: the bullish morale is strong, be vigilant about the initial claims data from the USA.
On Thursday (November 21), in the Asian market, spot gold fluctuated higher, reaching a peak of $2660.31 per ounce, the highest since November 11, currently trading at $2656.75 per ounce, up by about 0.25%, continuing to be supported by safe-haven demand amidst escalating tensions in the Russia-Ukraine war. On Wednesday, Ukraine launched multiple British "Storm Shadow" cruise missiles at Russia, following Tuesday's use of American ATACMS missiles against Russia, the latest Western weapons approved for use against Russian targets by Ukraine. At the same time, the United States vetoed a UN Security Council resolution on a Gaza ceasefire, causing current
Risk aversion demand has "ignited" the gold bulls, causing gold prices to rise for four consecutive days!
The price of gold at $3,000 will 'look very cheap' in 3 to 4 years.
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