Huang Lichen: U.S. sanctions on Russia escalate, gold rises close to record highs
In the Asian market on Wednesday, March 9, the international gold trend was high and sideways. The gold price opened at US$2,049 in the morning. After the opening, it fell to US$2,034 under pressure. After that, it stabilized and rebounded to a maximum of US$2,059. It is currently trading at Near $2045, a negative doji was recorded.
The trend of gold rose sharply on Tuesday. Shortly following the opening of the US market, the price of gold broke through the short-term resistance suppression of $2020 and pulled up quickly. In less than 3 hours following that, it rose by nearly $50, setting a new high since August 2020. to $2,070, while approaching gold’s all-time high of $2,074.
Since the escalation of tensions between Russia and Ukraine, gold has risen by nearly 300 US dollars since February this year. Since the outbreak of the Russian-Ukrainian war in late February, gold has risen by nearly 200 US dollars. The escalating Russian-Ukrainian crisis has become a rising gold price. accelerator.
At present, the war between Russia and Ukraine has lasted for 14 days. During this period, the two sides have conducted three rounds of negotiations, but none of them have achieved the expected results. The war will continue for some time to come.
After the outbreak of the Russian-Ukrainian war, Western countries led by the United States have continuously escalated sanctions once morest Russia. Earlier, Russia was kicked out of the swift international settlement system. Last week, they began to discuss banning the import of Russian oil and gas. The boots finally landed. U.S. President Biden officially signed an energy ban on Russia, including Russian crude oil, petroleum products, natural gas, and coal. The move pushed gold prices up nearly $50 late Tuesday.
In addition, global inflation has now hit a new high in the past ten years. If the crisis in Russia and Ukraine continues to escalate, and the supply of raw materials will lead to rising prices, it will increase the risk of further inflation. As a traditional safe-haven asset, gold may continue to benefit.
In terms of trend, since the escalation of the Russian-Ukrainian situation, gold has remained above the upward trend line, but following the outbreak of the Russian-Ukrainian war, gold showed an accelerated upward trend and formed a new upward trend line. The price of gold rose to $2,070 on Tuesday, encountered resistance near the all-time high of $2,074, and dived near $50 in a short-term. The market outlook can continue to pay attention to the pressure near the all-time high. The price of gold fell during the day, and stabilized and rebounded near the upper rail of the daily Bollinger Band at $2030. You can continue to pay attention to it for short-term support during the day, followed by the previous high position of the gold price at $2020. After the gold price broke through here, the short-term trend formed a top-to-bottom conversion.
In terms of operation, Huang Lichen suggested that the stable people should continue to wait and see. The radicals can pay attention to $2074 above, lay out short-term empty orders on rallies, and even short-term short-term orders. The bottom can pay attention to $2030, and lay out short-term long orders on dips, followed by $2020, and Support near the integer position of 2000 US dollars, the operation strictly controls the risk.
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