- Metals rise on Thursday, extending the weekly rally.
- Uncertainty on the Ukrainian border favors gold for now.
- XAU/USD’s focus is at $1,900.
The gold extended the rally and reached as high as $1,897, the new high since June last year. From that level, it then reversed, cutting profits, but remains with significant gains and is looking at $1,900.
The latest rally came after US officials spoke of evidence of an “imminent invasion” of Russia into Ukraine, sending stock markets plummeting and underpinning government bonds. In any case, the yields did not break the daily ranges and in the previous American session, gold lost strength.
US economic data did not have an impact on the market. They were mostly below expectations, with an unexpected rise in initial jobless claims, a drop in housing starts and a pullback in the Philly Fed.
On gold levels, if it continues above $1875, the positive outlook for XAU/USD will remain intact. The $1,900 zone is resistance on the upside, followed by $1,910 and $1,916, the June 2021 high.
Technical levels
Source: Fx Street
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