The target remains set at a gold price of $2010.00, though it has retraced to the 0.618 Fibonacci level, currently at $1991.00. On Friday, late into the US session, gold experienced increased buying pressure in response to news of Israel's planned ground offensive, solidifying its safe-haven status and concluding the week on a high note. This week has brought...
In the short term, gold is expected to follow a bullish trajectory due to rising geopolitical tensions and speculation regarding the Federal Reserve's actions. If tensions escalate further, gold may approach the $2,000 mark, presenting both risk and reward in a volatile market.
Upcoming retail sales data may be the catalyst for the drive today.
The gold price has experienced a rebound, briefly surpassing $1,850 on Monday. This surge is attributed to escalating geopolitical tensions in the Middle East, prompting investors to seek safety in traditional havens like gold, the US dollar, and Treasuries.
The conflict arose from an unprecedented attack by the Hamas militant group in Gaza, Palestine, which led...
The gold price has recently rallied above the key OANDA:XAUUSD 2000 level in response to mixed US economic data ahead of the Fed's decision on interest rates. Analysts note that gold is likely to test all-time highs, given the ongoing uncertainty and volatility in the global economy. Although gold prices remained relatively flat ahead of the Fed's meeting,...
The gold price is currently facing resistance below the HKEX:2 ,000 level due to concerns over a possible US default and bets on a hawkish Fed policy. The recent strength in the dollar is also weighing on the price of gold. However, some analysts believe that downside risks are favored ahead of the Fed policy meeting, and that gold may find support around the ...
Price will most likely, continue to trend upwards towards the resistance zone at 1.23983. The price can bounce down to find support at 1.23400, before another push upwards. News from the Bank of England this week will be a significant factor in deciding whether the trend continues upwards.
Price trending upwards and trendline at a good angle. The potential resistance zone at 12802 can possibly push the price down back to hit the demand zone at 12601. If the price continues to trend upwards, it could break resistance and consolidate at 12880 before pushing upwards again.
Several big news this week to top it off.
The current situation with Silicon Valley Bank will put pressure to sell off, down to test 1163.0. It could spiral further down, depending on the CPI data next week.
