The precious metal reached its highest level in nine months, it is on a nine-day winning streak that could continue as the tensions between Russia and Ukraine continue to advance, based on technical analysis the price should come down very soon, but the fundamental events have far more impact on the price than the technical aspects right now.
The Bollinger bands are very wide and volatility would continue to be high, the price trades very close to the upper band, suggesting that the price is relatively high, the pair could reach the $1,920s level in the next sessions if the bands continue to open up.
The relative strength index is 72% which is overbought, from a technical stance, the pair should be pulling back very soon; however, as we mentioned before, fundamentals have a higher impact on the price, we have seen Gold stay overbought for a few sessions in the past, at this point the RSI would not stop the surge of the precious metal,
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