Geopolitical conflicts escalated, GOLD rose above $2,400

Updated

XAUUSD spot delivery suddenly increased sharply. Spot gold has just increased to 2,415 USD/ounce, it has increased more than 35 US Dollars during the day. Previously, US media reported that the US confirmed that an Israeli missile hit an Iranian facility.

The most active gold futures contract on COMEX was 1,426 lots traded within one minute from 08:43 to 08:44 Hanoi time on April 19, with a total contract value of 346 million USD.

According to the latest report of the American Broadcasting Corporation (ABC) today Friday, April 19, a US official confirmed to the media that an Israeli missile hit a target in Iran. Meanwhile, US intelligence said officials could not confirm reports of air strikes in Syria and Iraq.
ABC reported that a senior US official told ABC News that Israel launched missiles at Iran as a retaliation attack against Iran.
Israeli military officials previously announced that Iran launched an attack on Saturday and launched more than 300 missiles and drones at targets across Israel. All but a few were intercepted by Israel and its allies, including the United States, officials said.
Israeli Prime Minister Benjamin Netanyahu and the country's war cabinet have held several meetings since the attack on Iran, with ABC previously reporting that at least two previous attacks had been called off.

With current geopolitical developments, the market in general and the gold market in particular will temporarily be less affected by moves from monetary policy.
Gold is considered the safe haven asset of choice in contexts of geopolitical conflict, and it becomes even more attractive if conflicts escalate.

GOLD remains stable, two important fundamentals

Analysis of technical prospects for XAUUSD
On the daily chart, gold has achieved all target price increases after 3 days of accumulation with a short-term upward trend from the price channel that has been noticed by readers throughout the previous editions maintained. maintain stability.
The bullish structure remains unchanged with a short-term upward trend from the price channel and medium-term from the EMA21.
Temporarily, gold has enough conditions to retest its all-time peak if it continues to maintain above the original price of 2,400 USD. This means the current all-time high is considered the nearest resistance level, which is also the nearest target upside.
Meanwhile, the 1% Fibonacci extension now becomes the closest support level.

During the day, the uptrend of gold prices will be noticed by the following technical levels.

Support: 2,365 - 2,382USD
Resistance: 2,400 – 2,417USD

🪙SELL XAUUSD | 2431 - 2429

⚰️SL: 2435

⬆️TP1: 2424
⬆️TP2: 2419

🪙BUY XAUUSD | 2335 - 2337

⚰️SL: 2331

⬆️TP1: 2342
⬆️TP2: 2347

Note

⭕️Gold prices rose on Friday due to risk aversion in financial markets following media reports of bombings in Iran, which raised fears of a broader regional conflict and increased the attractiveness of gold as a safe haven.

Note

🔴The House has voted to advance a foreign aid package, a significant step in sending aid to Ukraine and Israel, with 165 Democrats joining Republicans to override opposed far-right GOP members. It sets up a final vote as soon as Saturday.

Note

GOLD spiked higher, falling narrowly short of the all-time high

Note

The USD price rose sharply after US Federal Reserve Chairman Jerome Powell mentioned that the US economy does not yet exhibit signs of inflation reaching the central bank's 2% target. He acknowledged that it might take longer than anticipated to lower interest rates. The Fed Chairman's decision on interest rates, coupled with the search for a safe investment amidst mounting geopolitical tensions following Iran's attack on Israel, further bolstered the strength of the USD.

Note

ECB officials are focusing on the June 6 policy decision. This is considered when the ECB will start cutting interest rates. Villeroy has been a vocal supporter of such a move, while his more hawkish colleagues have expressed less certainty.

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