The market is monitoring further developments regarding the military conflict between Russia and Ukraine with the latest report giving bad news to investors.
Market sentiment was reassessed risky when it was reported that Russia had deployed 10 of its troops near Ukraine, and most recently Ukraine was reported to have launched mortar and bomb attacks at several LPR locations.
Rising investor concerns will support the pull of safe-haven assets again in a risk-off market environment.
This situation however has delighted gold investors as they have seen the value of gold rise to the latest level again today.
Previously, as can be seen on the XAU/USD price chart which measures the value of gold against the US dollar, the price has declined again last Tuesday from the high level reached around 1879.00.
However, with the change in market sentiment again, the price of gold again showed a bullish pattern again beyond the 1870.00 level.
Giving a positive signal, gold prices continued to rise in the European session today recording the latest 8 -month high around 1890.00 as of 4.45pm Malaysian time.
Higher gains will be expected to head to the 1900.00 target level which was an important price -tested zone in May and June trading last year.
Despite signaling to continue the rise, investors did not rule out whether market sentiment could change at any time in the wake of the still volatile Russia-Ukraine geopolitical crisis.
The price decline can happen again with the RBS zone (resistance become support) to be tested again after successfully providing support for the previous price increase.
A lower decline below the zone will push the price back to the previous focus levels such as 1822.00 and 1815.00 before returning to the important levels of 1800.00.
