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Gold Blasts and Reaches near Record high at $2,075 mark, Be Ready For the Next Move: March 08, 2022

Gold Blasts and Reaches near Record high at $2,075 mark, What’s Next?

Gold hits highest level since since August 2020 and touches $2,070 mark during U.S. session. The geopolitical uncertainty over Ukraine and new sanctions against Russia have created strong demand for gold. Investors are considering the precious metal as a hedge against risk, inflation, economic shock, and additional geopolitical uncertainty.

A quick overview on what is happenign around the world:

  • U.S. President Joe Biden Officially announced a ban on Russian oil and other energy imports on Tuesday.
  • The U.K. government also joined the U.S., stating that it will ban all imports of Russian oil.
  • Biden added that the latest moves had been made in close consultation with allies and partners around the world.
  • Lawmakers in the U.S. Congress on Tuesday appeared to be within hours of releasing legislation to provide billions of dollars in emergency aid to Ukraine, as well as money to fund the government through Sept. 30 and address COVID-19.
  • U.S. Congress faces a midnight Friday deadline for passing the legislation.
  • U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a U.S. central bank digital currency, a source familiar with the matter said on Monday. The Biden order, likely to come on Wednesday.
  • Thailand’s cabinet on Tuesday relaxed tax rules for investments in digital assets to help promote and develop the industry following a surge in cryptocurrency trading in Southeast Asia’s second-largest economy.
  • Goldman Sachs has pushed up its gold price projections in light of recent political events. The bank changed its 3-month horizon to $2,300/oz, from $1950 previously. The 6-month protection has moved to $2,500/oz, from $2050/oz previously And lastly the 12-month horizon to $2,500/oz, from $2150/oz previously.
  • The U.S. trade deficit widened to a record high in January amid a surge in imports, potentially setting up trade to remain a drag on economic growth in the first quarter.
  • According to the latest figures from the Ministry of Energy and Mines of Peru (MINEM), gold production in Peru, the world’s eighth largest gold producing country, was 7,916 kg in January 2022, an increase of 4.5% compared to 7,577 kg mined in January 2021.

Technical View:

XAU/USD (Gold):

Supports
Resistances
$2,002
$2,078
$1,991
$2,085
$1,984
$2,094
$1,978
$2,105
$1,970
$2,115

 
Take a look and do trade wisely!
Good Luck

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