* Risk-off Sentiment Lifts Gold: Gold prices rebounded as risk-off sentiment drove investors toward safe-haven assets. The failure to reach a consensus between the U.S. and Ukraine on the Russia-Ukraine conflict has heightened uncertainties. Additionally, the U.S. has implemented aggressive tariffs, raising concerns of retaliatory measures from China, which could further escalate global trade tensions and support gold prices.
*Technical Breakout: Gold is trading higher after breaking above a key resistance level. MACD indicates increasing bullish momentum, while RSI at 52 suggests continued upside potential.
* Resistance and Support: : If the bullish trend persists, gold could extend gains toward resistance at 2,920. Conversely, a failure to sustain momentum may lead to a pullback toward support at 2,880.
Understand how technical analysis can help you in this trading opportunity.
A major shift in market catalysts, such as a breakthrough in Russia-Ukraine ceasefire talks or changes in U.S. trade policy, could increase volatility and impact gold prices.
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Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.
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