Gold price continues to draw the safe-haven bids on escalating geopolitical tensions after Russian President Vladimir Putin’s decision to officially recognize two self-proclaimed separatist republics in eastern Ukraine. The US and its allies condemned the Russian move at the United Nations (UN) Security Council’s emergency meeting, as the White House has prepared a set of sanctions to be imposed on Russia. Some market participants still see a ray of hope for de-escalation, as they look forward to Thursday’s G7 meeting on the Ukraine crisis.

Read: Markets brace for heavy falls as Russia-Ukraine crisis escalates

Gold Price: Key levels to watch

The Technical Confluences Detector shows that gold price is challenging key resistance at $1,909, which is the Bollinger Band one-day Upper.

A sustained move above the latter will bring the pivot point one-day R1 at $1,913 into play, above which the eight-month highs of $1,917 will be challenged.

Acceptance above the latter will trigger a fresh upswing towards $1,919, the pivot point one-week R1. Further up, the pivot point one-day R2 at $,1921 will test the bearish commitments.

Alternatively, if the corrective pullback resumes, then the previous week’s high of $1,903 is likely to be threatened.

The next relevant support is envisioned at the confluence of the Fibonacci 161.8% one-month and the SMA10 four-hour.

The Fibonacci 61.8% one-day at $1,896 will then come to the rescue of gold optimists.

Here is how it looks on the tool

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About Technical Confluences Detector

The TCD (Technical Confluences Detector) is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc.  If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time. If you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size.

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. 

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