Gold is poised to extend gains amid a risk-averse environment XAU XAUUSD $XAU $XAUUSD
gapped higher with Asian markets’ opening, as the decision of Russian President Vladimir Putin to declare the independence of two Republics in the Donbass region, Donetsk and Luhansk. The EU has responded with sanctions while the White House said Russian moves on Ukraine an invasion, which sets the stage for strong sanctions to be imposed on Moscow.
The 4-hour chart shows that technical indicators bounced after nearing their midlines, heading higher within positive levels although with uneven strength. Additionally, gold quickly recovered after briefly piercing a bullish 20 SMA, which advances above the longer ones. A steeper advance could be expected on a break above 1,916.50, June 2021 monthly high and the immediate resistance level.
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