Gold and geopolitical risks
Updated
Gold and geopolitical risks
New forecast
Gold metal recorded its best weekly profits in 7 months, at a rate of about 5.31%, amid the escalation of geopolitical tensions in the Middle East region and the decline in US Treasury bond yields.
The strong weekly gains for gold came as a result of the escalation in Gaza and the increasing conflict between the Palestinian resistance and Israel since Hamas forces launched an attack on Israel on October 7.
This raised international warnings about the dangers that the war might cause at the economic, security and political levels, not only for the countries of the Middle East region, but also for the global economy as a whole.
Why is the world economy affected?
The entire region, from which the world gets a third of its oil by sea, is at risk of plunging into chaos. Not least because geopolitics tilts the scales regarding the amount of suffering that will befall the peoples of the Middle East.
The war between Israel and the Islamic Resistance Movement (Hamas) has increased the geopolitical risks on financial markets, with investors anticipating what will happen if the conflict attracts other countries, which may deal a new blow to the global economy. Gold and silver will continue to rise, but if the war subsides, Gold and Silver prices will decline.
In this week we have important news and will affect on the market directly .
Core retail sales Core retail sales & retail sales
Federal Reserve Chairman Powell speaks Federal Reserve Chairman Powell speaks
🟢Existing Home Sales
🟢Unemployment complaints rates
🟢Philadelphia Manufacturing Index
🟢Building Permits (September)
Technical Abstract :
on the daily time frame
The price perfectly fulfills my last idea and price reached to our targets .
As wee see in the chart the price formed positive impulse In light of the escalation in Gaza and the increasing conflict between the Palestinian resistance and the Israel and price attacked 1932 level also price get out from the bearish channel so we expect the price will start a correction to the support of the channel and then will rise up again to stabilized above 1932 level , so the main condition to be continue at the bullish trend is stabilized above 1932 and then it will support the price to reach 1984 and 2051.
other wise if price back off to inside the bearish channel then may we will see the price will start a bearish correction to 1885 level before any upward .
on the 4H time frame
The price of gold faced positive pressure in last week trading to attack the 1932 level. Continuing above the 1932 level provides continuous support for the price to rise up , which supports the chances of resuming the upward wave targeting the 1947 level. A break and stability above it increases the hypothesis of a rise and heads towards 1980 as the next main station.
Therefore, the upward trend scenario will remain effective for the coming period, keeping in mind that failure to consolidate above 1932 will put pressure on the price to turn lower and start to formed a bearish correction to target is at 1903 and then rise up.
The expect range trading for today it will be between resistance line 1947 and support line 1903 until stabilized
Additionally ,Today News will affect the market
support line : 1903 , 1894
resistance line : 1932 , 1947
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
New forecast
Gold metal recorded its best weekly profits in 7 months, at a rate of about 5.31%, amid the escalation of geopolitical tensions in the Middle East region and the decline in US Treasury bond yields.
The strong weekly gains for gold came as a result of the escalation in Gaza and the increasing conflict between the Palestinian resistance and Israel since Hamas forces launched an attack on Israel on October 7.
This raised international warnings about the dangers that the war might cause at the economic, security and political levels, not only for the countries of the Middle East region, but also for the global economy as a whole.
Why is the world economy affected?
The entire region, from which the world gets a third of its oil by sea, is at risk of plunging into chaos. Not least because geopolitics tilts the scales regarding the amount of suffering that will befall the peoples of the Middle East.
The war between Israel and the Islamic Resistance Movement (Hamas) has increased the geopolitical risks on financial markets, with investors anticipating what will happen if the conflict attracts other countries, which may deal a new blow to the global economy. Gold and silver will continue to rise, but if the war subsides, Gold and Silver prices will decline.
In this week we have important news and will affect on the market directly .
Core retail sales Core retail sales & retail sales
Federal Reserve Chairman Powell speaks Federal Reserve Chairman Powell speaks
🟢Existing Home Sales
🟢Unemployment complaints rates
🟢Philadelphia Manufacturing Index
🟢Building Permits (September)
Technical Abstract :
on the daily time frame
The price perfectly fulfills my last idea and price reached to our targets .
As wee see in the chart the price formed positive impulse In light of the escalation in Gaza and the increasing conflict between the Palestinian resistance and the Israel and price attacked 1932 level also price get out from the bearish channel so we expect the price will start a correction to the support of the channel and then will rise up again to stabilized above 1932 level , so the main condition to be continue at the bullish trend is stabilized above 1932 and then it will support the price to reach 1984 and 2051.
other wise if price back off to inside the bearish channel then may we will see the price will start a bearish correction to 1885 level before any upward .
on the 4H time frame
The price of gold faced positive pressure in last week trading to attack the 1932 level. Continuing above the 1932 level provides continuous support for the price to rise up , which supports the chances of resuming the upward wave targeting the 1947 level. A break and stability above it increases the hypothesis of a rise and heads towards 1980 as the next main station.
Therefore, the upward trend scenario will remain effective for the coming period, keeping in mind that failure to consolidate above 1932 will put pressure on the price to turn lower and start to formed a bearish correction to target is at 1903 and then rise up.
The expect range trading for today it will be between resistance line 1947 and support line 1903 until stabilized
Additionally ,Today News will affect the market
support line : 1903 , 1894
resistance line : 1932 , 1947
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Note
GOLD
Midday update
The gold price is facing noticeable negative pressure to attack the 1903 level, which requires attention in the upcoming trading, as continuing the decline and confirming the break of this level will stop the proposed positive scenario and place the price under negative pressure during the coming sessions, while the price needs to consolidate above 1915 to resume the upward wave, which has its target. Next major at 1932 and above that 1947.
Therefore , as long as price trade above 1903 the price will be continue at the bullish trend but right now and in the short term to confirm the bullish trend should stable above 1915 and then our target will be activate .
The expect range trading for today it will be between resistance line 1947 and support line 1903 until stabilized
Additionally ,Today News will affect the market
support line : 1903 , 1894
resistance line : 1932 , 1947
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
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