Baxia Markets
March 08, 2022

Gold breaks the $2,000 mark

technical analysis top header -01

The precious metal continues the uptrend as more investors look for a safe haven investment during the uncertain times brought by the Russian invasion of Ukraine. The pair reached its highest level since August 2020.


The Bollinger bands are very wide and high volatility will continue, the upper band is opening more aggressively which is allowing the pair to continue rising, however, the price trades above the upper band, suggesting that the price is relatively high at this point, but with current circumstances, these technical indicators will not be as effective as in normal conditions. 


Gold Mar 7th 2022


The relative strength index is at 78% which is an overbought status, we have seen gold stay overbought for a few weeks in the past, we would likely see the price drop until the situation in Ukraine stabilizes. The price could continue rising despite the technical signals that indicate otherwise.


We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Subscribe by Email