PRICES ARE SURGING IN 2022
MAKE MORE PROFITS WITH THE INDUSTRY’S LOWEST SPREAD OF
UP TO LEVERAGE
MAKE MORE PROFITS WITH THE INDUSTRY’S LOWEST SPREAD OF
UP TO LEVERAGE
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.
