Gold bulls are attempting to clear the November high (1877.15) as geopolitical tensions bolster bullion's fundamental standing, with surging oil prices pushing short-term breakeven rates to fresh highs. Get your market update from FxWestwater here:
out of the global market increases. The 1-year breakeven rate has quickly advanced higher over the last week, along with the 5-year breakeven rate to a lesser extent, helping bolster bullion’s inflation-hedging appeal.
The conflict in Ukraine is also stoking a surge in volatility across equity markets, bolstering gold’s case as a store of value. TheVIX “fear gauge” rose 3.58% in New York on Monday. Stock indexes across the Asia-Pacific region are mostly lower in Tuesday trading, with South Korea’s KOSPI down around 1% through mid-day trading.
A clean break above 1877.15 would bring the 1900 psychological level into focus. Next up, if bulls succeed, is the June 2021 high at 1916.53. Alternatively, failing to hold prices above the November high may see prices pull back, perhaps to the January high at 1853.83. A deeper retracement would put former trendline resistance on the cards.
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