#MiddleEastCrisis #GoldTechnical analysis#24K99 News On Thursday (November 21), during the early Asian market, spot gold suddenly surged rapidly in the short term, with gold prices currently approaching the $2660 per ounce mark. FXStreet senior analyst Pablo Piovano wrote an analysis on the technical trends of gold prices.

(Spot gold 5-minute chart Source: 24K99)

Piovano wrote that gold prices maintain a bullish trend well above $2600 per ounce, with the current target aimed at $2700 per ounce.

Piovano pointed out that escalating concerns over the Russia-Ukraine conflict, coupled with broader global market uncertainties, supported a strong rebound in gold this week.

On Wednesday, due to the escalation of tensions between Russia and Ukraine, which intensified geopolitical anxieties, investors sought refuge in gold, leading spot gold to close up $18.12, an increase of 0.7%, at $2650.06 per ounce.

In response to Ukraine's first long-range missile attack on Russian territory, President Putin of Russia revised the nuclear weapon guidelines, lowering the threshold for a nuclear response to broader conventional attacks, leading to heightened geopolitical tensions.

In addition to the Russia-Ukraine situation, tensions in the Middle East continue, which also provides support for gold prices.

According to the United Nations official website and CNN, on November 20 local time, the UN Security Council voted on a Gaza ceasefire resolution proposed by 10 non-permanent members. The resolution failed to pass due to a veto from the USA, while the other 14 member states voted in favor.

The resolution "demands an immediate, unconditional, and permanent ceasefire from all parties, and reiterates the call for the immediate and unconditional release of all detainees." Furthermore, the resolution emphasizes the crucial role of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) as a pillar of humanitarian assistance in Gaza.

Additionally, on November 20 local time, the Israeli army attacked a house located in the Sheikh Radwan community in northern Gaza City, resulting in 66 deaths and several dozen injuries.

Short-term technical outlook for gold

Piovano pointed out that in the short term, the 4-hour chart indicates that there is still more room for recovery in gold prices.Relative Strength Index(RSI) It has recovered, but encounters resistance at 65, while the Average Directional Index (ADX) around 34 indicates a temporary lack of a clear trend momentum.

On the upside, according to Piovano, as gold prices break through the first resistance of $2650 per ounce, the more significant resistance level for gold is at 200 periodSimple Moving Average(SMA) $2677 per ounce.

(Spot gold price chart Source: FXStreet)

Piovano added that on the downside, it is solid.ResistanceIt remains around 2536 dollars per ounce, which is a key level to monitor whether the gold price trend reverses.

At 09:01 in Peking, spot gold is quoted at 2659.13 dollars per ounce.