Gold price suddenly reversed and increased

XAUUSD surged after the US dollar paused its rally and Russia-Ukraine tensions escalated. Spot gold ended the trading session on November 18 up $48 to $2,611/ounce, ending a six-session losing streak and escaping a two-month low.

Sellers held back as US President Joe Biden authorized Ukraine to use long-range weapons supplied by the United States to strike deep into Russian territory. This was clearly a major driver of strong safe-haven demand, pushing gold prices higher.

This move not only marked a turning point in the gold market but also signaled that investors were looking for opportunities amid increasingly tense geopolitical conditions.

However, in the medium and long term, we still think sellers still have the upper hand technically!