XAUUSD

The increase in geopolitical risks and the decline in the US Dollar Index contribute to the appreciation of ounce gold by boosting safe-haven demand for gold. The Biden administration's support for Ukraine and the escalation of tensions with Russia are heightening risk perception in the markets. The recovery in Asian indexes and the decline in US bond yields support the weakening of the dollar, allowing gold to appreciate. In this process, developments in global markets and the course of geopolitical risks will continue to be decisive in the direction of gold prices.

Technically, ounce gold is trading at the 2623 level on the 4-hour chart, with resistance levels standing out at 2630, 2633, and 2640 in upward movements. In downward movements, support levels at 2620, 2610, and 2600 can be monitored. The RSI indicator shows a positive trend at the 61 level. Gold prices increased by 0.43% compared to the previous day. Movements in the 2620 – 2610 range could play a key role in determining the continuation of the general trend. Notably, 4-hour closings below 2600 could lead to increased downward pressure.