Breaking: Gold Price Forecast: XAU/USD pierces $1,917 to print fresh 13-month high amid risk-aversion

Gold (XAU/USD) justifies the traditional safe-haven status by crossing June 2021 peak, taking the bids around $1,918 during Thursday’s Asian session. In doing so, the yellow metal rises for the second consecutive day by meeting the highest levels last seen during January of the last year.

The bullion’s latest moves could be linked to the looming fears of the imminent Russian invasion of Ukraine.

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Technical analysis

Gold reverses the pullback from a 17-month-old descending resistance line inside a fortnight-long ascending trend channel.

Gold: Daily chart

The metal’s latest bounce from lower line of the stated channel joins firmer RSI, not overbought, to keep buyers hopeful of crossing the downward sloping trend line resistance line from September 2020, around $1,910.

However, the June 2021 peak surrounding $1,917 could challenge the bulls afterward.

In a case where gold buyers cross the $1,917 hurdle, upper line of the short-term bullish channel, near $1,934, will be in focus.

Gold: Four-hour chart

Alternatively, downside break of the channel’s support line, around $1,900 by the press time, direct the short-term gold sellers towards 50-SMA on four-hour, close to $1,880.

Though, an area comprising November 2021 peak, 10-DMA and an ascending trend line from February 03, will be tough nut to crack for gold sellers around $1,878-77.