In the Asian session on Friday (November 22), spot gold continued its upward trend, which is expected to usher in five consecutive positive days. It once hit a two-week high of 2689.61 dollars/ounce, up about 20 dollars from the closing price on Thursday. Concerns about the intensification of the conflict between Russia-Ukraine conflict further boosted the demand for safe haven gold, overshadowing the cooling of the Federal Reserve's interest rate cut in December and the strengthening of the dollar.

The latest news shows that according to the Ukrainian newspaper Pravda, the meeting of the Verkhovna Rada (Ukrainian parliament) originally scheduled for November 22 has been cancelled. Members of parliament have been warned that Russia may attack government buildings.

Sources have revealed that Ukrainian parliamentarians have received a notice regarding bombing threats and have been urged to restrict their and their families' presence in government office areas. Ukrainian parliamentarian Alexei Goncharenko confirmed that the meeting has been cancelled and the next meeting is scheduled for December.

On the previous day, Russian President Putin stated that Russia had launched a strike on a military facility in Ukraine using hypersonic intermediate range ballistic missiles and warned the West that Moscow may strike any military facility of a country that uses weapons to attack Russia.

Putin said that the Western countries allowed Kiev to use its long-range missiles to attack Russia, which escalated the Russia-Ukraine conflict and is becoming a global conflict.

Putin stated that Russia conducted actual combat tests of the Oreshnik hypersonic missile system (codenamed Hazelnut) in response to NATO countries' aggression against Russia.

Putin said, "In response to the use of long-range weapons from the United States and the United Kingdom, on November 21st of this year, the Russian armed forces launched a joint strike on a facility at the Ukrainian military industrial complex

Putin stated, "Under actual combat conditions, a missile and other weapons from Russia's latest intermediate range missile system were tested. This time, ballistic missiles from non nuclear hypersonic equipment were used.

Since last weekend, the geopolitical situation between Russia and Ukraine has attracted global market attention, leading to a rapid increase in safe haven trading. It was last Sunday (November 17) that two US officials and a source familiar with the situation said that President Biden's government had allowed Ukraine to use US made weapons to attack Russia's hinterland, which was a major reversal of Washington's policy in the Russia-Ukraine conflict.

On Tuesday (November 19th), Ukraine launched the US ATACMS missile for the first time at a military arsenal in the Bryansk region of Russia, which sparked a strong reaction from Moscow, announcing a revision of its basic nuclear deterrence policy to lower the threshold for the use of nuclear weapons.

Due to the use of US British missiles by Ukraine, the situation has become even more tense. The United States closed its embassy in Kiev on Wednesday morning out of extreme caution, as the embassy faced a significant threat of airstrikes.

In addition, Ukraine launched 12 British "Storm Shadow" cruise missiles at Russia on Wednesday, which is the latest Western weapon that Ukraine has been allowed to use against Russian targets after using American ATACMS missiles to attack Russia on Tuesday.

David Meger, the head of metal trading at Gaoling Futures, said, "In the past few days, what has really been at work in the gold market is a major geopolitical factor - the escalating tension between Ukraine and Russia may be the most notable

Jim Wyckoff, a senior market analyst at Kitco Metals, stated in a report that "the next upward target for gold bulls is to close above the stubborn resistance level of $2700

Senior analyst Pablo Piovano pointed out that gold prices continue to rise under the support of geopolitical tensions. At present, the short-term upward barrier for gold prices is at $2700 per ounce, followed by a high of $2749 per ounce on November 5th. "The continued uncertainty surrounding the Russia-Ukraine conflict, coupled with the instability of the broader market, supported the strong rebound of gold prices this week."

It should be noted that due to the lowest number of initial jobless claims in the United States since April, multiple officials of the Federal Reserve have also released signals that the pace of interest rate cuts may slow down. Market expectations for the Fed's December interest rate cut have significantly cooled down, and the US dollar index, supported by safe haven buying, rose to 107.15 on Thursday, a new high in nearly 13 months. Currently trading near the 107 level, if gold prices fail to break through the resistance of the 2700 level, it is necessary to guard against the risk of a pullback in gold prices.

In addition, the resistance near the 61.8% retracement level of 2693.36 in the downward trend of 2790-2536 is also worth paying attention to.

On this trading day, November PMI data for European and American countries will also be released, and investors need to pay attention. In addition, it is necessary to pay attention to the impact of Trump's future policy prospects on market sentiment.