The post Gold rallies back above $2,700 on inflaming Russia-Ukraine tensions appeared on BitcoinEthereumNews.com.

Gold rallies for the fifth day in a row on Friday on the back of increased safe-haven demand due to Russia threats.  Headwinds for the precious metal may come from shifting US interest rate expectations and the strong performance of the US Dollar. Technically, XAU/USD extends giants, fulfilling the promise of the bullish Three White Soldiers Japanese candlestick pattern.   Gold (XAU/USD) rallies for the fifth day in a row, making it a clean-sweep of green daily candlesticks for the week so far. The precious metal rises back above $2,700 during the European session on Friday as inflaming Russia-Ukraine tensions drive renewed safe-haven flows into Gold.  That said, the yellow metal may see gains capped by a stronger US Dollar (USD), which continues to rise on the back of elevated US inflation expectations, the anticipation of the Trump government implementing Dollar-positive policies in January, and a robust US labor market. Gold rises as Russia threatens United Kingdom Gold is rallying on the back of increased haven flows after the Russian Ambassador for the UK, Andrey Kelin, told Sky News that the UK was now a legitimate target for Russian missile strikes after permitting Ukraine to use its British-made Storm Shadow missiles on Russian territory.  The comments mark an escalation in the conflict and come after Russia used intercontinental ballistic missiles in a strike on the Ukrainian city of Dnipro. This was a reprisal for an attack by Ukraine on Russian targets in the Kursk region, using British-made long-range missiles. This follows US President Biden’s decision to allow Ukraine to use its US-made ATACMS (Army Tactical Missile System) missiles against targets on Russian soil. Gold faces headwinds from USD and Fed Gold could face headwinds as the US Dollar rises on Friday, given the precious metal is mainly priced and traded in…

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Filed under: News - @ November 22, 2024 11:24 am