XAU/USD hits new 18-month highs above $2,000

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  • Gold rises for the third day in a row.
  • The dollar gains momentum in a climate of caution in the markets.
  • Silver is also bullish, still below the peak of the Asian session.

After a pullback to $1975, gold resumed its gains and just hit new highs since August 2020 at $2001.70. The upward pressure persists, although for the moment, the precious metal has not been able to finish clearly asserting itself above $2,000.

The advance of gold continues to be driven by the negative context in the financial markets, the rise in commodities and despite the appreciation of the dollar. The war in Ukraine has been a bullish factor for gold, which rose $100 in one week.

In case of confirming the break, the next target can be seen at $2010 and then at $2025. Pullbacks may find support at $1990, followed by the day’s low at $1975 and then $1950.

Silver is also higher on Monday, with XAG/USD gaining 1.10%. It is testing the $26.00 area, having reached as high as $26.13 in the Asian session, the highest since July 2021.

The economic calendar is light on Monday, the focus remains on what happens with Ukraine and Russia. Traders are closely watching rising energy prices, such as oil and gas, which have soared, raising fears of the hit to the economy.

Technical levels

Source: Fx Street

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