Global analysis of gold trade
Updated
In early trading in the European market on Thursday (April 18), spot gold continued its strong intraday trend. The price of gold exceeded US$2,380 per ounce, reaching a maximum of US$2,392.72 per ounce, rising by nearly US$30 during the day.
Investors remain concerned about another conflict between Israel and Iran, driving safe-haven funds into gold. Additionally, fresh losses in the U.S. dollar and U.S. Treasury yields remained supportive of gold.
Amid geopolitical concerns, gold prices are likely to continue to find safe-haven demand with every pullback. Weekly U.S. jobless claims and housing data will also provide some incentives for gold traders this session.
If the gains are sustained, gold prices could retest this week's key resistance near $2,400 an ounce. A break above this level is critical for gold prices to resume their upward trend and retest record highs of $2,432 an ounce.
On the downside, gold sellers would need a close below the 50-period simple moving average (SMA) of $2,360/oz to extend the correction and move towards the April 15 low of $2,324/oz.
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