Gold consolidates gains just ahead of the 1,900 level, next critical resistance at 1,916.50. XAU XAUUSD $XAU $XAUUSD
eopolitical tensions on the border between Ukraine and Russia are behind the dismal mood, as a war in Europe seems imminent. Russian President Vladimir Putin has recently said that he would decide on independence for rebel-held areas in eastern Ukraine later today, while Ukrainian President Zelenskiy has requested an urgent meeting of the UN Security Council.
In the near term, and according to the 4-hour chart, the bright metal has room to extend its gains. A bullish 20 SMA is leading the way higher, heading higher and providing intraday support. The longer moving averages have also turned higher below the shorter one, while technical indicators have retreated within positive levels, reflecting the lack of bullish strength rather than signaling an upcoming decline. The next relevant resistance level is 1,916.50, June 2021 monthly high.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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