Geopolitical risks pushed GOLD to increase rapidly in the short In the early trading session on Asian markets on Friday (November 29), OANDA:XAUUSD Spot rose suddenly and rapidly from the intraday low of $2,633 and headed into a key technical position for technical downside expectations. Impacted by escalating tensions in Ukraine.
Russia launches joint attack, Putin "speaks tough"
While Israel and Lebanon have reached a 60-day ceasefire agreement, this will essentially create pressure on gold as market risks become less. However, the escalation in the Russia-Ukraine conflict may continue to keep gold prices stable above 2,600 USD/ounce in the near future.
The latest Reuters report on Friday said that Russian President Vladimir Putin on Thursday local time said Russia could use the new "Hazel" hypersonic missile to attack Kiev in response to Ukraine's missile launch. Western fire penetrated deep into Russian territory.
So far in the 33-month war, Russia has not yet attacked Ukrainian ministries, government agencies, parliament or the presidential office.
Putin said on Thursday that Russia's large-scale attack on Ukraine was a "response" to Ukraine's use of Western missile systems to attack Russian territory.
Earlier in the day, Ukraine reported that energy facilities across Ukraine were being attacked by Russian armed forces.
Ukraine's Air Force said Thursday that Russia launched a joint attack on Ukraine using missiles and drones starting early that morning. Most regions in Western Ukraine are under attack, especially Ternopil, Lviv, Lutsk, Vinnitsa, Khmelnytsky and others.
Ukrainian President Zelensky said on the social platform on Thursday that he had a conversation with the Air Force commander, the Minister of Internal Affairs and the Minister of Energy that day about the Russian attack. Mr. Zelensky said that the target of Russia's attack this time is Ukraine's energy infrastructure. Russia launched about 100 attack drones and more than 90 missiles of all types.
In the current market context, traders need to pay attention to geopolitical conflicts, their escalation or reduction will have a sudden impact on gold in the short term.
Analysis of technical prospects for OANDA:XAUUSD
Gold recovered from the 0.618% Fibonacci retracement level but is temporarily limited by the 0.50% Fibonacci retracement level and the EMA21 moving average.
In the short term, Gold can still decrease in price as long as it has not broken the medium-term trend price channel. In the immediate future, gold does not have enough conditions to increase in price in the short term, but a drop below the 0.618% Fibonacci retracement level will cause gold to fall further with the goal of reaching the original price point of 2,600 USD.
However, geopolitical risks are dominating the market, so any purely technical structure could be broken quite easily during this time. The $2,693 level will be the next target in case the 0.50% Fibonacci level is broken above.
The market is very volatile in the short term, so long-term open positions will be less effective, and notable technical levels for the medium-term bearish outlook from the price channel on the daily chart will be seen. noticed again as follows.
Support: 2,644 – 2,634USD
Resistance: 2,663 – 2,693USD
SELL XAUUSD PRICE 2686 - 2684⚡️
↠↠ Stoploss 2690
→Take Profit 1 2679
↨
→Take Profit 2 2674
BUY XAUUSD PRICE 2579 - 2581⚡️
↠↠ Stoploss 2575
→Take Profit 1 2586
↨
→Take Profit 2 2591
