Gold volatility has been on the rise, buoyed further by the recent escalations in Russia and the Middle East adding to the metal’s safe haven appeal
The most recent attack took place 1,300 kilometers from the front lines and involved one of Russia’s largest oil refineries. The damage is being reported as ‘not significant’ but will keep Russia on high alert to guard its main source of financing.
Both escalations only serve to support the recent gold surge – helping the safe haven metal surge to another all-time high. Gold’s rise has been nothing short of astonishing, showing little regard for the rising dollar and the shorter-term lift in US yields after inflation data failed to show solid progress on Friday.
The $2300 mark serves as the next significant level of resistance but intra-day price action has retreated from the high. Gold remains well into overbought territory, threatening a pullback after a meteoric rise. The prior high of $2222 serves as the next level of support and helps to keep the bullish outlook constructive.
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