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Gold sinks on Russia-Ukraine de-escalation hopes

I posted earlier today how gold was trading at new eight-month highs on Russian-Ukrainian tensions, but amid the latest headlines gold has fallen from a high of $1,879 today. at $1,855 today.

As previously stated, what comes next for gold depends on the headlines and here we are. As mentioned:

“But when all is said and done with the whole Russia-Ukraine situation, gold can be left hanging with little reason to be overly bullish amid rising interest rates across the globe. It will be something to consider even if commodities in general are potentially facing a fairly strong bull cycle.”

Could this be where gold starts to drop the ball and we see a downward correction?

There is already a hint of a double-top pattern around the November high at $1,877 and a break below the broken trendline resistance around $1,838 would be a blow to bulls looking ahead. trying to keep their momentum going.


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