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Spot Gold prices soared by nearly 3% to $1,974 an ounce, hovering around a one-year high. The fastest inflation in decades and Russia’s invasion of Ukraine has left investors and traders with a few good options to navigate this market, the spotlight returns to the safe haven. Gold has risen by almost 8% in February and is headed for its best monthly performance since July 2020, amid a crisis between Russia and Ukraine.
Traders and investors will need to keep a close eye on the further developments around the Russia-Ukraine conflict. Gold’s traditional safe-haven appeal can keep pushing prices north as bulls target the $2,000 psychological level, some experts are expecting the safe haven to rally and hit new all-time highs if the escalation continues.
Traders will need to closely watch for any further developments around the Russia-Ukraine conflict. Gold prices are currently trading above the 20-day SMA, 50-day SMA and RSI levels are trading above 70% in oversold territory. Bulls are defying the overbought conditions and aim for $2,000 the next psychological target, and any signs of de-escalation or a strengthening DXY will mean a pullback in Gold prices. The key level of $1,950 has been broken, if these prices levels are sustained then this may open doors to the $2,000 level, if not, then prices should expect corrective downside to $1915.