GOLD rises above 2,900 USD again, attention to Trump and PutinOANDA:XAUUSD Spot delivery increased significantly due to factors such as a weaker US Dollar, geopolitical risks and uncertainty in US trade policy. As of the time this article was completed, spot gold increased to 2,909 USD/oz, an increase equivalent to 0.39% on the day.
The World Gold Council revealed central banks purchased more than 1,000 tons of gold for the third consecutive year in 2024. According to the World Gold Council, central banks' gold purchases increased 54% year-on-year to 333 tons after Trump won the election.
On Monday local time, at the suggestion of French President Macron, leaders of many European countries held an emergency meeting in the French capital Paris to discuss issues such as the situation in Ukraine and collective European security.
According to French press reports, the biggest disagreement at the meeting that day was whether to send troops to Ukraine under the peacekeeping framework or not. British Prime Minister Starmer said the UK is ready to send ground troops if necessary. Germany and Spain objected.
At the same time, Ukraine's peace negotiations also became the focus of market attention. Russian Foreign Minister Sergei Lavrov said on Monday that he would travel to the Saudi capital Riyadh and hold talks with US representatives on Tuesday.
US President Donald Trump said on Sunday that he will soon meet Russian President Vladimir Putin in Saudi Arabia.
If a peace agreement is reached between Russia and Ukraine, this may be the driving force for gold to be able to adjust significantly down in the near future. On the contrary, if the agreement "goes nowhere", gold will continue to increase in price because geopolitical risks once again increase.
Analysis of technical prospects for OANDA:XAUUSD
From the support level of 2,881 USD, note to readers in the previous issue that gold has surpassed the initial target level at the original price point of 2,900 USD and currently maintains price activity above this level.
With the current position, gold has conditions to continue to increase in price with the goal of reaching an all-time peak rather than renewing the previously achieved all-time peak.
The upward relative strength index shows that the bearish momentum is also weakening, giving way to overwhelming buying force.
In general, in terms of the overall technical picture, gold still tends to be completely bullish, and notable positions will be listed as follows.
Support: 2,900 – 2,881 – 2,857USD
Resistance: 2,942USD
SELL XAUUSD PRICE 2921 - 2919⚡️
↠↠ Stoploss 2925
→Take Profit 1 2913
↨
→Take Profit 2 2907
BUY XAUUSD PRICE 2849 - 2851⚡️
↠↠ Stoploss 2845
→Take Profit 1 2857
↨
→Take Profit 2 2863
