XAUUSD continues to benefit as the Israel-Hamas conflict becomes increasingly tense.Gold continues to benefit as the Israel-Hamas conflict becomes increasingly tense. Gold prices rose this morning despite US Federal Reserve Chairman Jerome Powell reiterating his stance that interest rates will have to be higher for a longer period of time. The head of the world's most powerful central bank also emphasized his commitment to bringing inflation down to the target level of 2%.
Although the Fed remains committed to its inflation target, experts say increased geopolitical instability could quickly push gold to $2,1000/ounce. Since the conflict in the Middle East began, safe-haven demand has helped gold rise to nearly $120. Geopolitical concerns along with the prospect of a global recession are essentially driving gold futures prices. Therefore, you should buy at low prices, 1,900 USD will be the bottom for gold.
XAUUSD surpassing the level of 1,960 - 1,950 USD will be a positive signal for gold, especially when the problem in the Middle East shows no signs of cooling down.XAUUSD retest of the resistance level at $1,964/ounce will help the precious metal easily surpass levels in the range of $1,972 - $1,985/ounce.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.