Analyzed by: Ms. Teang Riya Independent Analyzed
So far in Asia, gold has maintained at daily resistance around $1,870, as markets settle down after a tumultuous few days, pricing in the prospect of conflict and severe inflation headwinds. The US dollar has been divided between expectations for the March Federal Reserve meeting and the stock and money markets' wild price swings.
According to NATO allies, Russian military troops are bolstering and not retreating, putting a dent on safe haven assets like gold. TD Securities analysts stated, "Geopolitical risk remains a crucial source of uncertainty for commodities traders, which has also driven hoarding behavior, bolstering metals demand."
The US State Department has stated that there are more Russian military on the Ukraine border, not fewer, and that they are advancing alarmingly into battle positions. According to the Estonian Foreign Intelligence Service Chief, Russia is deploying around 10 battle groups near Ukraine, where 100 combat groups have already deployed. Furthermore, NATO Secretary-General Jens Stoltenberg stated that commercial satellite photography can confirm Russia's refusal to leave.
The Federal Open Market Committee (FOMC) Minutes, on the other hand, revealed hawkish worries among board members, even if they did not express strong support for a 0.50 percent rate hike in March. "According to minutes from the most recent policy meeting, Federal Reserve officials agreed last month that it was time to tighten monetary policy, but that choices would be based on a meeting-by-meeting consideration of evidence," Reuters said.
In terms of the facts, the latest MoM figures for US Retail Sales and Industrial Production in January were 3.8 percent and 1.4 percent, respectively, above market expectations and earlier readouts.
Technically, gold is traded in a range $1779 to $1879. This week’s trading range, investor can sell short term at $1868, stop-loss $1880 and take profit $1853. The safe price that investor can waiting to buy gold at $1800, stop-loss $1792 and take price at $1822.
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