Gold hits eight-month highs as drums of war continue to beat

This is the highest since June last year, as Russian-Ukrainian tensions propelled gold from a rather benign position to a notable technical breakthrough. Friday’s jump saw gold break above key trendline resistance and now we see buyers also trying to break above the November high of $1,877.14.

Much like oil and risk assets, what comes next for gold depends on the headlines in the upcoming sessions.

An upside break here opens the way for a move towards $1,900-16 next, however, at least according to the chart.

But when all is said and done with the whole Russia-Ukraine situation, gold can be left hanging with little reason to be overly bullish amid rising interest rates across the globe.

This will be something to consider even if commodities in general are potentially facing a rather strong bull cycle.


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