• Gold prices dropped more than $50 from the daily high.
  • XAU/USD now up modestly after a sharp correction.
  • US dollar remains strong, US yields limit upside in gold.

Gold prices experience a sharp correction from the peak of $1974 to the $1920 area. It is now approaching $1940. Volatility remains at extreme levels in metals.

Equity prices are holding onto sharp losses across the globe amid the escalation of the Ukraine conflict. Russian troops invaded Ukraine on Thursday and triggered a rally in commodity prices, including gold.

During the last hours, US yields moved toward daily highs supporting the correction in gold prices.

Above the $1965 area, gold lost momentum, and after some stabilization near $1960, XAU/USD corrected quickly to as low as $1912. A break lower could trigger a deeper pullback. The following support stands at $1890.

On the upside, the immediate resistance is located at $1940; and a break higher could easily send XAU/UD to $1950. If the rally continues, a consolidation above $1965 should keep the road clear for $2000.

How is Russian-Ukraine war impacting financial markets? Follow our live coverage updates!

Technical levels

gold

XAU/USD

Overview
Today last price 1934.64
Today Daily Change 25.36
Today Daily Change % 1.33
Today daily open 1909.28
 
Trends
Daily SMA20 1844.17
Daily SMA50 1826.03
Daily SMA100 1811.33
Daily SMA200 1808.89
 
Levels
Previous Daily High 1910.55
Previous Daily Low 1889.65
Previous Weekly High 1902.5
Previous Weekly Low 1844.65
Previous Monthly High 1853.91
Previous Monthly Low 1780.32
Daily Fibonacci 38.2% 1902.57
Daily Fibonacci 61.8% 1897.63
Daily Pivot Point S1 1895.77
Daily Pivot Point S2 1882.26
Daily Pivot Point S3 1874.87
Daily Pivot Point R1 1916.67
Daily Pivot Point R2 1924.06
Daily Pivot Point R3 1937.57

 

 

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