• Gold Price resumes its advance amid mounting tensions in Eastern Europe.
  • Mixed US data had no impact on the bright metal as the focus remains on sentiment.
  • XAUUSD is overcoming a solid static resistance at around $1,960 with a near-term bullish stance.

Gold Price rallied after Wall Street’s opening to a fresh weekly high of $1,965.74 a troy ounce, following headlines indicating that the US alongside the G7 announced that any gold transaction involving Russia's central bank is subject to existing sanctions, according to a US Senior Administration Official. At the time being, XAUUSD retains most of its intraday gains and hovers near the mentioned high, suggesting that bulls have recovered control of the bright metal, regardless of an uptick in sentiment.

Meanwhile, US stocks picked up, extending intraday gains on hopes for a diplomatic solution in the Eastern Europe crisis. Headlines hinted at progress in ceasefire talks coming from Ukraine President’s aide Andriy Yemrk, who expressed a careful optimism. On the other hand, Western nations continue to pile up sanctions on Moscow. 

Earlier in the day, a sour market mood boosted demand for XAUUSD amid headlines coming from the war front. US President Joe Biden has met with other European leaders to discuss the situation, and, alongside NATO, are preparing for a risk of Moscow launching a nuclear attack. They have also discussed assisting Ukraine with anti-ship missiles. 

The sentiment improved a bit on headlines signaling they would announce a major initiative to direct shipments of liquefied natural gas to Europe, to replace that usually coming from sanctioned Russia. 

Also read: XAUUSD price moves: A consequence of conflict or/and interest rate increases?

Gold Price Technical Outlook

Gold Price is now comfortably trading above the 38.2% retracement of the 1,799.38/2,070.50 rally at around $1,960.00. The bright metal is up for a second consecutive day, currently crossing above a mildly bullish 20 DMA. Technical indicators in the daily chart fall short of confirming a bullish continuation, as the Momentum heads lower within neutral levels, while the RSI indicator is stable at around 55.

XAUUSD turned bullish in the near term, and according to the 4-hour chart, which shows that the price is challenging bears’ determination around the 100 SMA, while the 20 SMA picks up below the current level.

Now that the $1,960 level has been cleared, the next relevant resistance level for Gold Price is $1,970.03, March 10 daily low, followed by the $1,992.00 price zone. Support levels are at the daily low of $1,937.33, and the next Fibonacci support is at $1,925.20.

Gold Price 4-hour chart


Today last price 1960.03
Today Daily Change 16.31
Today Daily Change % 0.84
Today daily open 1943.72
Daily SMA20 1947.8
Daily SMA50 1882.6
Daily SMA100 1844.83
Daily SMA200 1815.15
Previous Daily High 1948.37
Previous Daily Low 1915.56
Previous Weekly High 1990.22
Previous Weekly Low 1895.15
Previous Monthly High 1974.51
Previous Monthly Low 1788.67
Daily Fibonacci 38.2% 1935.84
Daily Fibonacci 61.8% 1928.09
Daily Pivot Point S1 1923.4
Daily Pivot Point S2 1903.07
Daily Pivot Point S3 1890.59
Daily Pivot Point R1 1956.21
Daily Pivot Point R2 1968.69
Daily Pivot Point R3 1989.02



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

AUD/USD bears flirt with 0.6900 amid recession woes, Aussie Retail Sales, Fed’s Powell eyed

AUD/USD bears flirt with 0.6900 amid recession woes, Aussie Retail Sales, Fed’s Powell eyed

AUD/USD remains depressed around 0.6900, after a two-day downtrend, as traders await key Aussie data during Wednesday’s Asian session. That said, the risk barometer pair refreshed its weekly high before closing in the red for the second consecutive day on Tuesday.


EUR/USD bulls step in and the price stablises as US dollar bid stalls

EUR/USD bulls step in and the price stablises as US dollar bid stalls

EUR/USD is trading around 1.0520 in early Asia following a choppy Tuesday on the back of a firmer US dollar, China relaxing its rigid COVID protocols coupled with disappointing US consumer sentiment data and central bank rhetoric. 


Gold aims to recapture weekly lows ahead of Fed Powell and US PCE

Gold aims to recapture weekly lows ahead of Fed Powell and US PCE

Gold price is auctioning around a two-day low at $1,818.64 and is expected to slip further to near the weekly low at $1,816.98. The precious metal has failed to capitalize on the event of banning the imports of gold from Russia, which generates the second-highest revenue for Moscow after oil and gas. 

Gold News

Compound price: You won't believe how high COMP can rally

Compound price: You won't believe how high COMP can rally

Compound's COMP price could be a very favorable digital asset in the coming weeks. This article is meant to inform investors of data excluded on Tradingview's Binance, Coinbase and Kucoin exchanges for reasons that have yet to be explained. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!