GOLD Continues Strong Rise Amid Geopolitical Tensions
Updated
Gold continued its strong rise on Thursday, as we reached our first take profit target and closed 50% of our long position. We remain confident that the price may continue to grow in the short term due to a combination of technical and geopolitical factors.
The increasing geopolitical threat level has boosted demand for safe-haven assets like gold. Investors are becoming increasingly concerned about intensifying geopolitical events worldwide, driving up the metal's appeal.
In the Middle East, tensions between Israel and Lebanon escalated dramatically on Wednesday. Israeli officials announced that they had approved plans for the Northern Command to launch an “all-out war” with Hezbollah in Lebanon. This development has significantly increased geopolitical risks, further supporting gold prices.
From a technical analysis perspective, several factors indicate a potential continuation of the bullish trend for gold. The price has rebounded from the 78.6% Fibonacci retracement level, which aligns with a significant support area. Additionally, there is a divergence on the stochastic indicator, suggesting a possible trend reversal or continuation. These technical signals point to a potential move towards the supply area around $2,390, located in a premium price zone.
Given these confluences, we are looking for a continuation of the long position in gold. The combination of heightened geopolitical tensions and strong technical signals supports our bullish outlook. As gold remains a preferred safe-haven asset, we anticipate further upward movement in the short term.
The increasing geopolitical threat level has boosted demand for safe-haven assets like gold. Investors are becoming increasingly concerned about intensifying geopolitical events worldwide, driving up the metal's appeal.
In the Middle East, tensions between Israel and Lebanon escalated dramatically on Wednesday. Israeli officials announced that they had approved plans for the Northern Command to launch an “all-out war” with Hezbollah in Lebanon. This development has significantly increased geopolitical risks, further supporting gold prices.
From a technical analysis perspective, several factors indicate a potential continuation of the bullish trend for gold. The price has rebounded from the 78.6% Fibonacci retracement level, which aligns with a significant support area. Additionally, there is a divergence on the stochastic indicator, suggesting a possible trend reversal or continuation. These technical signals point to a potential move towards the supply area around $2,390, located in a premium price zone.
Given these confluences, we are looking for a continuation of the long position in gold. The combination of heightened geopolitical tensions and strong technical signals supports our bullish outlook. As gold remains a preferred safe-haven asset, we anticipate further upward movement in the short term.
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