Spot gold advanced over 3% this morning, hitting the highest since September 2020, as traders massively run into safety after Russia launched military action against Ukraine.
Strong bullish acceleration rose well above $1950, with Fibo barrier at $1980 (76.4% of $2074/$1676) to likely easily surrender and open way for renewed test of psychological $2000 level, which was dented in August 2020, during coronavirus pandemic, but break proved to be false and followed by strong pullback to $1676.
Rising uncertainty on fears that current conflict, which is still limited, could escalate, strongly inflates gold price, which is on track for a record monthly gains in February.
Renewed probe through $2000 level looks very likely now, with break higher to face targets at $2015 and $2049, ahead of a record high at $2074, posted on August 2020.
The metal’s performance will directly depend on the development of the situation in Ukraine, with dips so far seen as good buying opportunities.
Supports lay at $1950 (round-figure/upper 20-d Bollinger band); $1914 (former high of Feb 22) and psychological $1900 level.
Res: 1980; 2000; 2015; 2049.
Sup: 1950; 1924; 1914; 1900.
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