gold price hits $1910

TOPICS MENTIONED IN THIS MARKET BRIEFING:

  • LEuropean Stock Exchangesworries bya situation in Ukraine
  • Chart of the day Gold : resistance at $1,910

European stock markets worried by the situation in Ukraine

European Stock Exchanges retreated at the start of the session on Tuesday after the announcement by Russian President Vladimir Putin of the recognition of two separatist republics in Ukraine and of a “peacekeeping” operation by the Russian army, which should lead the countries incite to sanction Moscow.

Several major indices, including the CAC 40 and the Dax, have already posted four consecutive sessions of decline and the German market has hit its lowest level for almost a year.

Barely hours after announcing unilateral recognition of the self-declared breakaway republics of Donetsk and Luhansk, Russian President Vladimir Putin ordered the Russian military to carry out a “peacekeeping” operation there. “, thus paving the way for a possible invasion of Ukraine.

This accelerated escalation of military tension is expected to lead successful countries to announce sanctions targeting Moscow and Russian leaders

Othersfinancial market news

The oil market is on the rise, overtaken by fears of disruptions in the supply of hydrocarbons to Europe in the event of lasting tensions between Russia and the West.

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GRAPH OF THE DAY – Gold: resistance at $1,910

Stock market: geopolitical tension – Gold: the price of gold stumbles on 1,910 dollars

Gold prices hit their highest level since June 1 at $1,913 as the geopolitical situation boosts demand for the yellow metalin a context of high inflation.

In the short term, the price is stuck below the resistance of $1,910, so a close above this level unlocks new upside potential. Moreover, the market had been consolidating in a symmetrical triangle for several weeks. Therefore, the recent break of the upper limit at $1,850 paves the way for a new upward wave according to the chart analysis.

In this market environment, gold could accelerate towards $1,960 and then $2,000 in the coming weeks.

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