Gold Rebounds: Focus on 2,546 Support & Russia-Ukraine Tensions
Gold prices rose on Monday (November 18) after six consecutive losing sessions as the rally in the USD paused and escalating uncertainty over the Russia-Ukraine conflict spurred safe-haven demand.
Currently, gold is recovering after successfully testing strong support at $2,546, where the long-term uptrend intersects with potential buying zones. This positive signal reflects strong buying momentum, pushing prices back towards $2,620, near the EMA 34 and EMA 89, key dynamic resistances.
If prices break above the $2,620 level, the next target could be the resistance zone at $2,791, where significant selling pressure awaits.
With the Russia-Ukraine tensions showing no signs of de-escalating, gold prices could climb even higher in the future. Traders should closely monitor developments in this situation.
Currently, gold is recovering after successfully testing strong support at $2,546, where the long-term uptrend intersects with potential buying zones. This positive signal reflects strong buying momentum, pushing prices back towards $2,620, near the EMA 34 and EMA 89, key dynamic resistances.
If prices break above the $2,620 level, the next target could be the resistance zone at $2,791, where significant selling pressure awaits.
With the Russia-Ukraine tensions showing no signs of de-escalating, gold prices could climb even higher in the future. Traders should closely monitor developments in this situation.
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