According to technical analysis, gold price is still in the bearish channel on the daily chart. If next week's gold price breaks the 1,940 USD/oz zone, it will exit this downward channel. However, after overcoming this zone, next week's gold price will face a strong resistance zone at 1,970 - 1,987 USD/oz. Here, the pressure to take profits will be huge, especially when ETFs have not returned to buying gold. Meanwhile, the area of 1,782-1,810 USD/oz is still an important support zone for short-term gold prices.
Note
In a constantly changing market situation, some traders believe that the possibility of Israel entering the Gaza Strip to secure coastal territory and disrupt Hamas operations could backfire. This move could unintentionally spark more violence by drawing other countries into the conflict, thereby prolonging instability in the region.
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Disclaimer
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.