Breaking: Gold price pierces $1,917 to print fresh 13-month high amid risk-aversion

FXStreet Team FXStreet

Gold (XAU/USD) justifies the traditional safe-haven status by crossing June 2021 peak, taking the bids around $1,920 during Thursday’s Asian session. In doing so, the yellow metal rises for the second consecutive day by meeting the highest levels last seen during January of the last year.

The bullion’s latest moves could be linked to the Russian invasion of Ukraine, as tweeted out by US Senator Marco Rubio who is also the Vice-Chairman of the Select Committee on Intelligence.

Meanwhile, the Emergency meeting of the United Nations (UN) Security Council has begun on the request of Ukraine.

The traditional safe-haven gold will continue to benefit from heightened tensions between the West and Russia over Ukraine, with a war-like situation spelling out.

Technical analysis

Gold reverses the pullback from a 17-month-old descending resistance line inside a fortnight-long ascending trend channel.

Gold: Daily chart

The metal’s latest bounce from lower line of the stated channel joins firmer RSI, not overbought, to keep buyers hopeful of crossing the downward sloping trend line resistance line from September 2020, around $1,910.

The June 2021 peak surrounding $1,917 is taken out, as bulls clinch fresh yearly highs above $1,920. The next powerful resistance is seen at $1,934.

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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