XAU/USD Supported as Markets Monitor Prospects of New Sanctions Against Russia

  • XAUUSD
    (${instrument.percentChange}%)

XAU/USD Analysis

Ukrainian President Zelenskyy accused Russia of committing "genocide" and of the "elimination of the whole nation and the people", in a CBS Face the Nation interview on Sunday. [1]

EU Council president Charles Michel twitted that he is "Shocked by haunting images of atrocities committed by Russian army" in the Bucha region, adding that more sanctions "are on their way". [2]

Today, French President Macron judged that there are very clear indications of war crimes in Ukraine and talked of new sanctions against Russia, in an interview on France Inter radio. [3]

The prospect of new sanctions against Russia makes markets jittery and XAU/USD finds support today, following last week's retreat. However, it has been mixed recently and its trajectory has been largely dependent on the US Dollar fluctuations.

Trading above the EMA200 (black line) gives it the ability to push towards 1,959-66, but it does not inspire confidence at this stage for a larger advance towards and beyond 1,992-2,000.

Despite today's upbeat mood it could face renewed pressure, that would threaten 1,900, although a catalyst is needed for a break below key 1,895-75 region. This contains last week's lows, the daily Ichimoku Cloud and the ascending trend-line from this year's lows.

Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

References

1

Retrieved 04 Apr 2022 https://www.cbsnews.com/news/volodymyr-zelenskyy-ukraine-president-face-the-nation-transcript-04-03-2022/

2

Retrieved 04 Apr 2022 https://twitter.com/eucopresident/status/1510542585454022660

3

Retrieved 27 Jun 2022 https://www.radiofrance.fr/franceinter/podcasts/l-invite-de-8h20-le-grand-entretien/l-invite-de-8h20-le-grand-entretien-du-lundi-04-avril-2022-8704900

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