The development of the geopolitical crisis is increasingly tense, reports show some areas in Ukraine have begun to receive attacks from Russia since this morning.
Significant effects can be observed across world financial markets including currencies, stocks and commodities.
Gold was among those stealing the spotlight with a significant jump in its value as far as the European session this afternoon (Thursday) as investors shifted towards safe -haven investors in a risky market environment.
On the XAU/USD price chart which measures the value of gold against the US dollar, has seen the price soar to almost touch the level of 1950.00 today!
This is the highest recorded level of gold for a 13 -month trading period.
Previously the price hovered around the level of 1900.00 while waiting for further developments on the crisis of Russia and Ukraine playing tug of war.
However, war was inevitable and Russia decided to launch a mega-scale military operation and was seen entering the Ukrainian districts from every corner in addition to launching air strikes.
If the war situation continues, investors are optimistic there is no obstacle for the price of gold to record a rise to higher levels until continuing in subsequent sessions.
The price increase that managed to pass the resistance level at 1950.00 will target the level of 2000.00.
However, the 1950.00 resistance that was previously tested in November 2020 and January 2021 trades needs to be broken first for further gains.
A decline in prices is quite difficult to happen, but prices can plummet again if the situation changes again.
The decline is seen to return to the 1900.00 level to react to signals of further movement of the gold price to investors.
And the lower decline will return to the previous focus zone as at the levels of 1850.00 and 1830.00.
