Russia just attacked the eastern side of Ukraine in the Asian session. Gold shot up around 60 dollars in the Asian to London session. This move up was drastic and fast paced. All around the board, the traders have panicked given the state of affairs.

We cannot ascertain gold on lower time frames or technically evaluate with other factors. In such situations, what we can do is simply continue to buy from every support it taps. Given market is at 1970, this seems to be a potential pullback area. But this pullback can be halted if there is any news related to the Russian invasion. Therefore, we have to risk averse and tend to see the potential bullish moves once the market taps the support level. The daily support stands at 1958, which was a resistance earlier. This resistance was broken out for buys and needs to be retested. At this retest, we can buy Gold for all the way up to 2000.

There is not much of technical elements associated to the Gold right now. The fundamentals have shown a clear bullish picture on gold. Gold tends to be a safe haven during wartimes and against any collateral damage. Until the circumstances tame down, we will continue to witness gold climbing higher high and even break the all time high.

Crazy state of affairs in safe havens

Feb 24 2022

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