Gold Price Forecast: XAU/USD surges and reached a 14-month-old highs at $1974, though stabilized around $1919

Gold printed a 14-month-old fresh high around $1,974 amid the Ukraine – Russia war escalation.
US Treasury yields fell, though the US Dollar strengthened across the board.
XAU/USD Price Forecast: If bulls hold above the $1916 mark, they could remain hopeful of reaching higher prices.

Christian Borjon Valencia FXStreet

Gold (XAU/USD) climbs in the North American session, thought retreats from 14-months daily highs at $1,974.48, as the Ukraine – Russia conflict escalated, with Russia invading Ukraine, as a growing appetite for safe-haven assets increases, to the detriment of riskier assets. At press time, XAU/USD is trading at $1,919.50.

In the meantime, the US Treasury yields fall as the appetite for US Treasuries thrives. The US 10-year T-note yield dwindles six basis points sits at 1.918%, a headwind for the non-yielding metal. Contrarily, the greenback remains bid, moving in tandem with XAU/USD, with the US Dollar Index up 1.08%, currently at 97.23, retreating from the 97.73 level, last seen in July 2021.

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XAU/USD Price Forecast: Technical outlook

XAU/USD is upward biased, as depicted by the daily chart. Gold bull’s pushed the price towards a daily high at $1,974.78 and, on its way north, broke June 2021 highs at $1,916.60. If XAU bulls achieve a daily close above the latter, they could remain hopeful of keeping spot gold trading in the $1,916-$1,959 area.

The XAU/USD first resistance would be June 6 daily high at $1,959.06. Breach of the latter would expose February 24 daily high at $1,974.78, followed by a move towards $2,000.

XAU/USD

Overview
Today last price	1919.50
Today Daily Change	15.55
Today Daily Change %	0.81
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

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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