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Higher In Asia On Russia-Ukraine Escalation

GOLD

Gold has caught a bid from an ongoing deterioration in the Russia-Ukraine situation, dealing ~$25/oz firmer to print ~$1,935.0/oz at typing (back from fresh cycle highs of $1,949.0/oz). Russian President Putin announced a special military operation re: the LPR and DPR separatist regions of Ukraine, supporting the separatists. Note that explosions have been heard across many Ukrainian cities in the wake of the announcement, with the Russian army pointing to a surgical strike on Ukrainian military facilities, playing down any threat to civilians.

  • Looking to technical levels, gold has broken through key resistance and the top of the bull channel drawn from the Aug 9 ’21 low, with bulls now focused on $1,959.4, the Jan 6 ‘21 high.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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