Gold Price Forecast: XAU/USD bulls keep eyes on $1,916 amid Ukraine crisis – Confluence Detector Gold Commodities Confluences RiskAppetite XAUUSD
. The expectations of an imminent Russian invasion of Ukraine has eased, in anticipation of the planned diplomatic talks between the US and Russian officials, have cheered investors and capped gold’s upside. Bulls are, however, likely to regain poise, as the obscurity on the Ukrainian border still persists, keeping gold’s safe-haven appeal underpinned. Further, dialling down of 50-bps March Fed rate hike bets have also aided the metal’s recent upsurge to eight-month highs above $1,900.
Ahead of that target, gold buyers will need to recapture a strong supply zone around $1,900-$1,903 – where the Fibonacci 161.8% one-month, the previous day’s high and pivot point one-week R2 coincide.If the abovementioned powerful cushion gives way, then the correction could resume towards the confluence of the SMA10 four-hour and pivot point one-month R2 at $1,885.
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