Daily analysis
After Russia issued a warning about its latest nuclear theory, investors bought safe-averse assets. It is reported that just a few days after the Biden administration allowed Ukraine to launch U.S. missiles at Russia, President Putin issued a warning to the United States on Tuesday, lowering the threshold for nuclear strikes. Documents published on the Russian government’s website show that Russian President Putin approved the updated version of the nuclear theory on Tuesday, stipulating that any conventional attack on Russia with the assistance of a nuclear power can be regarded as a joint attack on Russia. Investors bought safe-averse currencies after Putin issued a warning.
Gold continued its rebound momentum on Monday and hit a new one-week high on Tuesday, as the escalation of tensions between Russia and Ukraine triggered the demand for safe-averse assets, while investors are waiting for the key signal of the Federal Reserve’s interest rate plan. On Monday, gold jumped 2%, the largest single-day increase since mid-August, and rebounded sharply from the two-month low reached last week. The U.S. dollar retrace also supports the gold price. As shown in the technical chart, from the high of 2790 on October 31 to the present, the cumulative decline of gold prices has exceeded $250 in just half a month. So far, the key turning point will be the 100-day average and the 2,500 level. The 100-day average line has been an important reference indicator of the trend of gold prices in recent years. In November last year and February this year, the gold price also found important support in this indicator, so the 100 antenna, which is currently at $2,550, is also particularly important. As for the half-hundred-hundred checkmark of 2500, its iconic psychological check-block naturally attracted attention. It seems that it has gained initial support near this area in the past few days, so that the RSI and stochastic index have also rebounded from the serious oversold area with the rebound of prices at the beginning of the week. If calculated by the cumulative decline in the month, the rebound of 38.2% and 50% will reach $2,633 and $2,662, and the expansion to 61.8% will be $2,692. The key in the medium term is still the 2,800 threshold that failed to break through last month. In addition, the recent support is estimated at $2,605 and $2,580.
Gold continued its rebound momentum on Monday and hit a new one-week high on Tuesday, as the escalation of tensions between Russia and Ukraine triggered the demand for safe-averse assets, while investors are waiting for the key signal of the Federal Reserve’s interest rate plan. On Monday, gold jumped 2%, the largest single-day increase since mid-August, and rebounded sharply from the two-month low reached last week. The U.S. dollar retrace also supports the gold price. As shown in the technical chart, from the high of 2790 on October 31 to the present, the cumulative decline of gold prices has exceeded $250 in just half a month. So far, the key turning point will be the 100-day average and the 2,500 level. The 100-day average line has been an important reference indicator of the trend of gold prices in recent years. In November last year and February this year, the gold price also found important support in this indicator, so the 100 antenna, which is currently at $2,550, is also particularly important. As for the half-hundred-hundred checkmark of 2500, its iconic psychological check-block naturally attracted attention. It seems that it has gained initial support near this area in the past few days, so that the RSI and stochastic index have also rebounded from the serious oversold area with the rebound of prices at the beginning of the week. If calculated by the cumulative decline in the month, the rebound of 38.2% and 50% will reach $2,633 and $2,662, and the expansion to 61.8% will be $2,692. The key in the medium term is still the 2,800 threshold that failed to break through last month. In addition, the recent support is estimated at $2,605 and $2,580.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.