Ukraine is dangerous, GOLD receives support from risks
Updated
On Wednesday (November 20) on the Asian market, spot gold continued to increase in the short term. Gold price has just retested the mark of 2,640 USD/ounce, increasing sharply to reach nearly 10 USD during the day.
Growing concerns about the Russia-Ukraine crisis have caused gold prices to rise further. It is worth noting that geopolitical tensions flared up again due to information that the Biden administration authorized Ukraine to use US-made weapons to attack Russian territory last weekend.
Geopolitical tensions, economic risks and a low interest rate environment have enhanced the appeal of gold.
Bloomberg of the US commented that as the conflict entered its 1,000th day, Ukraine used its newly acquired long-range missile capabilities to attack a military base on Russian territory.
Moscow has warned against such actions and stepped up threats of nuclear responses to conventional attacks.
Russia's war in Ukraine has entered a dangerous new chapter
On Tuesday local time, Ukrainian forces used the US Army Tactical Missile System (ATACMS) for the first time to attack a facility in Russia's Bryansk Oblast.
The Russian Ministry of Defense confirmed that Ukraine used missiles from the US military's Tactical Missile System to attack Russia and that Russia's anti-missile system shot down 5 out of 6 missiles.
On Tuesday local time, Russian President Vladimir Putin signed a decree approving a new version of Russia's basic national policy on nuclear deterrence, which took effect from the date of signing.
The new version of the policy expands the range of countries and military alliances with which Russia can exercise nuclear deterrence, and proposes to consider "aggression against Russia by any non-nuclear state with the participation or support of nuclear states" is a "joint attack". against Russia. (Directly aimed at America)
Bloomberg noted that two developments on Tuesday worried investors, causing investors to rush into safe-haven assets, especially gold.
On the daily chart, gold tested the 0.618% Fibonacci retracement level at $2,640, which is an important technical point for the downtrend that readers should pay attention to through the price channel.
Currently, gold still has conditions to decrease in price with the main trend from the price channel and the main pressure from EMA21 still maintained. On the other hand, the Relative Strength Index is also creating a curve as it approaches the 50 level, which shows that buying is slowing down.
Technically, gold still has a more bearish outlook. However, if it breaks the price channel and rises above the EMA21 level, a new uptrend could open.
During the day, the bearish technical outlook still prevails and the notable points are listed below.
Support: 2,605 – 2,600USD
Resistance: 2,640 – 2,668USD
SELL XAUUSD PRICE 2653 - 2651⚡️
↠↠ Stoploss 2657
→Take Profit 1 2646
↨
→Take Profit 2 2641
BUY XAUUSD PRICE 2589 - 2591⚡️
↠↠ Stoploss 2585
→Take Profit 1 2596
↨
→Take Profit 2 2601
Growing concerns about the Russia-Ukraine crisis have caused gold prices to rise further. It is worth noting that geopolitical tensions flared up again due to information that the Biden administration authorized Ukraine to use US-made weapons to attack Russian territory last weekend.
Geopolitical tensions, economic risks and a low interest rate environment have enhanced the appeal of gold.
Bloomberg of the US commented that as the conflict entered its 1,000th day, Ukraine used its newly acquired long-range missile capabilities to attack a military base on Russian territory.
Moscow has warned against such actions and stepped up threats of nuclear responses to conventional attacks.
Russia's war in Ukraine has entered a dangerous new chapter
On Tuesday local time, Ukrainian forces used the US Army Tactical Missile System (ATACMS) for the first time to attack a facility in Russia's Bryansk Oblast.
The Russian Ministry of Defense confirmed that Ukraine used missiles from the US military's Tactical Missile System to attack Russia and that Russia's anti-missile system shot down 5 out of 6 missiles.
On Tuesday local time, Russian President Vladimir Putin signed a decree approving a new version of Russia's basic national policy on nuclear deterrence, which took effect from the date of signing.
The new version of the policy expands the range of countries and military alliances with which Russia can exercise nuclear deterrence, and proposes to consider "aggression against Russia by any non-nuclear state with the participation or support of nuclear states" is a "joint attack". against Russia. (Directly aimed at America)
Bloomberg noted that two developments on Tuesday worried investors, causing investors to rush into safe-haven assets, especially gold.
On the daily chart, gold tested the 0.618% Fibonacci retracement level at $2,640, which is an important technical point for the downtrend that readers should pay attention to through the price channel.
Currently, gold still has conditions to decrease in price with the main trend from the price channel and the main pressure from EMA21 still maintained. On the other hand, the Relative Strength Index is also creating a curve as it approaches the 50 level, which shows that buying is slowing down.
Technically, gold still has a more bearish outlook. However, if it breaks the price channel and rises above the EMA21 level, a new uptrend could open.
During the day, the bearish technical outlook still prevails and the notable points are listed below.
Support: 2,605 – 2,600USD
Resistance: 2,640 – 2,668USD
SELL XAUUSD PRICE 2653 - 2651⚡️
↠↠ Stoploss 2657
→Take Profit 1 2646
↨
→Take Profit 2 2641
BUY XAUUSD PRICE 2589 - 2591⚡️
↠↠ Stoploss 2585
→Take Profit 1 2596
↨
→Take Profit 2 2601
Note
Gold increased sharply to 2,650 USD/ozTrade active
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