(FOX BUSINESS) – Nervous investors, spooked by a Russian-Ukraine conflict, barreled into gold on Thursday, driving the price to a level not seen since June of 2021: $1,900.70 and upward momentum may continue, aiding the SPDR Gold ETF.
"Gold has key resistance around the $1920 to $1930 zone, but if the [safe] haven bid remains strong, bullish momentum could support a move towards the $1970 level" wrote Edward Moya, senior market analyst at The Americas OANDA.
With a Russian invasion of Ukraine possible in a matter of days, according to President Biden, investors dumped stocks, sending the Dow Jones Industrial Average down 623 points, the worst session of the year, while the S&P 500 and Nasdaq Composite fell over 2%.
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