BULLISH XAUUSD
The recent authorization by President Joe Biden allowing Ukraine to use U.S.-supplied long-range missiles to strike targets within Russia has introduced new geopolitical tensions. Such developments often lead investors to seek safe-haven assets like gold, potentially influencing its price.
As of November 18, 2024, gold prices have risen by over 1%, with spot gold trading at $2,591.16 per ounce. This increase follows a pause in the U.S. dollar's rally and market anticipation of upcoming comments from Federal Reserve officials regarding interest rate trajectories.
While the geopolitical situation in Ukraine contributes to market uncertainty, other factors, such as currency fluctuations and monetary policy expectations, also play significant roles in gold's valuation. Therefore, while the conflict may exert upward pressure on gold prices, it's essential to consider the broader economic context when evaluating movements in the XAU/USD pair.
As of November 18, 2024, gold prices have risen by over 1%, with spot gold trading at $2,591.16 per ounce. This increase follows a pause in the U.S. dollar's rally and market anticipation of upcoming comments from Federal Reserve officials regarding interest rate trajectories.
While the geopolitical situation in Ukraine contributes to market uncertainty, other factors, such as currency fluctuations and monetary policy expectations, also play significant roles in gold's valuation. Therefore, while the conflict may exert upward pressure on gold prices, it's essential to consider the broader economic context when evaluating movements in the XAU/USD pair.
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