PRICE ANALYSIS LEVELS
Technically on H4 chart, price was still trading above $1870 which means a strong bullish momentum. Price may touch $1,925$ due to the Russian-Ukrainian tension. Gold may reach to the strong resistance $1,960 and $2000 an ounce in mid term. A daily close below $1,870 means returning back to bearish scenario until $1,860 and $1,850.
- Best long levels: $1,870, $1,884
SL for Long: H4 close below $1,870
- Best short levels: $1,960, $1,925, $1,916
SL for Short: H4 close above $1,960
Technically on H4 chart, silver was trading above level of $24.00. If the price had a daily close above $24.00, next target shall be $24.50 and $25.00 an ounce. Silver shall be under short pressure as long as it trades below $23.50. Next target shall be $23.00, and $22.50.
- Best long levels: $23.00, $23.50
SL for Long: H4 close below $23.00
- Best short levels: $24.50, $25.00
SL for Short: H4 close above $25.00
Gold prices rose strongly on Tuesday after falling, reinforced by investor and market concerns about recent political events that foretell a near-war between Russia and the West, if it escalates further.
The rise in commodities and minerals, including gold, came after Russian President Vladimir Putin officially announced Russia's recognition of the independence of Donetsk and Lugansk.
After the announcement, about five tanks from Russia were seen in line on the outskirts of Donetsk and two in another part of the city, and long lines of military equipment, including tanks, were seen in the breakaway city of Donetsk after Putin ordered the Defense Ministry to send troops to the two areas to 'keep the peace' in a decree issued shortly after Putin announced recognition of the independence of the two regions.
This has stimulated the demand for safe havens strongly and the risk appetite has been felt, as gold prices rise strongly, as they are the strongest value stores against various types of economic risks and threats.