The tensions on a global scale are still very high, and 2-weeks after the Russian invasion of Ukraine and countless sanctions against Russia, the war is starting to show a significant impact on all financial market sectors.
“The last time that we saw all major demand drivers accelerate simultaneously was in 2010-2011 when gold rallied by almost 70 percent. Given the upward material revision in investment and demand assumptions, we now upgrade our 3 /6 / 12-month gold targets from $1950/2050/2150 an ounce to $2300/2500/2500 per ounce,” wrote Mikhail Sprogis, Sabine Schels, and Jeffrey Currie of Goldman Sachs in a recent note.
In terms of the Swedish Krona, the gold price has quickly gained a lot in value. The gold price has spiked roughly 20% since the beginning of February. In the second week of March 2022, the gold price reached a new historical high.
The gold price almost touched the historical all-time high @2075 USD/oz in US dollars but did not breakthrough.
Because of the war in Europe, its currency euro has weakened a lot, and for that reason, gold made a historical all-time high @1900 EUR/oz on March 8th.
*Red lines are downtrend. The heavy red line is the long-term trendline.
*Green lines are uptrend. The heavy green line is a long-term trendline.
*Blue lines are short term support & resistance lines
(Picture 1. Trendlines & Support/Resistance)
(Picture 2. Fibonacci tool)
(Picture 3. – Moving Averages)
Disclaimer: This article is for informational purposes only and is not intended as an investment analysis or recommendation to sell or buy commodities. Tavex is not responsible for any decisions made based on this information. Investing is associated with opportunities and risks, and the market value of commodities can both increase and decrease. Past or future yields on the commodities and financial ratios shown above do not represent a promise or an indication of future earnings.