# Russia-Ukraine War # GoldTechnical analysis# 24K99 News On Monday (November 18), during the Asian market, spot gold suddenly surged sharply, and the gold price is currently approaching $2595 per ounce, soaring more than $30 during the day. Analysts point out that geopolitical risks may drive up the price of gold as a traditionalIts price has soared to a historic high, closely related to market expectations of interest rate cuts by the Federal Reserve.safeguard.
(Source: 24K99) 15-minute chart for spot gold.
FXStreet analyst Lallalit Srijandorn pointed out that the escalating geopolitical tensions in the Middle East, along with the ongoing conflict between ukraine and russia, may boost safe-haven capital inflows, benefiting gold.
According to a report by Reuters in the united kingdom on November 17, the government of president biden has allowed ukraine to use american weapons to strike inside russia, marking a significant reversal in washington's policy regarding the russo-ukrainian conflict.
Additionally, according to cnn on November 17, citing two american officials, biden has authorized ukraine to use american long-range weapons within russia. This decision comes as ukrainian forces launched an attack in russia's kursk region this summer, where russian troops have deployed nearly 0.05 million personnel.
In response to biden's decision, ukrainian president zelensky stated on social media, "actions do not need words, missiles will speak for themselves."
The spokesperson for the russian foreign ministry reiterated president putin's "strongest statement" from september this year—this decision means direct involvement of the usa and europe and nato in the russo-ukrainian conflict, which will greatly change the nature of the conflict.
Prior to this, according to the ukrainian newspaper kyiv post, on November 17, it was reported that russia launched a large-scale missile and drone attack on ukraine. Explosions were reportedly heard in kyiv, kropyvnytskyi, cherkasy, dnipro, kryvyi rih, odessa, and zaporizhia.
In the Middle East, Israel attacked a multi-story residence building in Beit Lahiya, northern Gaza, on November 17, resulting in 30 deaths, including children, and many others injured.
FXStreet analyst christian borjon valencia pointed out that the first resistance level for gold prices is 2600 usd/ounce. If buyers recover this level, they may aim for the 50-day moving average at 2651 usd/ounce.
Valencia added that if gold further rebounds, the next resistance level would be around 2700 usd/ounce. Once this level is conquered, it will pave the way for gold prices to rise to the peak of 2710 usd/ounce on November 7.
FXDailyReport analyst Nicholas Kitonyi stated that fromtechnical aspectsLooking at the 60-minute chart, the gold price has completed an upward breakout from the downward channel. The 14-hourRelative Strength Index(RSI) has also rebounded, recovering from the oversold condition. Gold bulls will seek to continue the current rebound trend, eyeing a target of 2600 dollars per ounce.
As of 09:30 Beijing time, spot gold is priced at 2594.46 dollars per ounce.
