Gold (XAU/USD) justifies the traditional safe-haven status by crossing June 2021 peak, taking the bids around $1,920 during Thursday’s Asian session. In doing so, the yellow metal rises for the second consecutive day by meeting the highest levels last seen during January of the last year.
The bullion’s latest moves could be linked to the Russian invasion of Ukraine, as tweeted out by US Senator Marco Rubio who is also the Vice-Chairman of the Select Committee on Intelligence.
Meanwhile, the Emergency meeting of the United Nations (UN) Security Council has begun on the request of Ukraine.
The traditional safe-haven gold will continue to benefit from heightened tensions between the West and Russia over Ukraine, with a war-like situation spelling out.
Technical analysis
Gold reverses the pullback from a 17-month-old descending resistance line inside a fortnight-long ascending trend channel.
Gold: Daily chart
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The metal’s latest bounce from lower line of the stated channel joins firmer RSI, not overbought, to keep buyers hopeful of crossing the downward sloping trend line resistance line from September 2020, around $1,910.
The June 2021 peak surrounding $1,917 is taken out, as bulls clinch fresh yearly highs above $1,920. The next powerful resistance is seen at $1,934.
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