Safe-haven assets were boosted over the past weeks, over fears of a Russian attack against Ukraine. U.S. Secretary of State Anthony Blinken warned that Russia could launch an attack against Ukraine even within the week, and warned US citizens to leave Ukraine. Similarly, the British Foreign Office has advised British citizens in Ukraine to leave the country, while there were still commercial means available.
The price of gold plummeted on Tuesday though, following an announcement by the Russian defense minister that a number of troops had returned to their base after completing drills near the Ukrainian border and tensions eased somewhat as the Russian side seemed willing to open a dialogue. Risk appetite grew following this announcement, pushing the price of gold down.
Recent events seem to contradict Russia’s claims though, as US and NATO officials have stated that there have been no signs that Russia has been withdrawing troops from the Ukrainian borders. On the contrary, there are reports that another 7,000 troops have been added to the already sizeable forces of Russian forces near the Ukrainian borders, with the latest tally exceeding 150,000 troops.
The gold price peaked above $1,900 per ounce on Thursday, its highest level since June 2021, as tensions in Ukraine were re-ignited and demand for safe-haven assets grew. If the price of gold continues to rise, it may find resistance at $1,916 per ounce, while if it decreases, support may be found at 1,782 per ounce.
The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.
Fill in the registration
form and click
Once you are in the client secure area, please proceed with uploading your Proof of Identity and Proof of Residence.
When your live account is approved, you can deposit funds and start trading on your chosen platform!
The website you are now viewing is operated by TopFX, a trade name of Fondex Limited, an entity which is regulated by the Financial Services Authority (FSA) of Seychelles with a Securities Dealer License No SD037 that is not established in the European Union or regulated by an EU National Competent Authority.
If you wish to proceed, please confirm that your decision will be at your own exclusive initiative and that no solicitation has been made by TopFX or any other entity within the Group.
These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.