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That is the highest since June last year as Russia-Ukraine tensions have propelled gold from a rather benign position to a notable technical breakout. The jump on Friday saw gold break above key trendline resistance and now we’re seeing buyers try to push past the November high of $1,877.14 as well.
Much like oil and risk assets, what comes next for gold is dependent on the headlines in the next few sessions.
A topside breakout here though does pave the way for a move towards $1,900-16 next, at least going by the chart.
But when all is said and done with the whole Russia-Ukraine situation, gold may be left hanging with few reasons to be too optimistic amid a backdrop of rising interest rates across the globe.
That will be something to consider even if commodities in general are facing a rather strong bullish cycle potentially.