Gold (XAU/USD) Rides on Ukraine Risk, While CHF Seems Strong and Euro Weakens

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There are mixed feelings as investors are waiting to see if Russia will attack Ukraine today as reported by the media. However, the upward market as seen so far in the XAU/USD hints that investors are becoming nervous about the risk of Russia attacking Ukraine. At present CHF(Swiss franc) looks strong, while EUR (Euro) is weak.

We can say that EUR looks vulnerable as the geopolitical uncertainty between Russia and Ukraine overpowers the likelihood of a rate hike. Particularly we can see EUR/CHF’s response to 1.044 lower support. Falling below this level will mean that close term recoil in the pair is has occurred and it will be on its way to a 1.0298 dip.

XAU/USD Upward Trend, Set for 1916 Struggle
Gold’s value increases more towards 1878.84. Exceeding the 1877.05 value market hints at a resumption of total upward movement from 1683.6. More upward movement is anticipated so long the 1850.6 support stands. A 1916.3 resistance is the new mark to be reached, and this will open the door for a 100 percent forecast from 1752.1 and to 1946.6.

Most crucially, maintaining a 1946.6 break confirms that the total average term correction from 2074.8 completes at 1682.6, after reaching 38.2 percent retracement of 1046.3 towards 2074.8. This means, revisit 2074.8 must be in view with the likelihood of continuing the long-term upward movement later.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.