Gold Surges, Testing $1,990 Level
Diupdate
Gold has extended its weekly upward trend, reaching the $1,990 USD mark for the first time in five months on Friday. XAU/USD continues to benefit from safe-haven flows as investors seek to minimize risks, while declining U.S. bond yields provide additional support.
Gold prices surged to nearly $1,980.00 amid favorable market conditions. The precious metal is on a three-day price rally and is expected to approach its highest level in five months, approximately at $1,987.00 USD. The final resistance level for gold stands at $2,000.00 USD. The 20 and 50-day exponential moving averages (EMAs) have risen above the 200-day EMA, indicating a strong uptrend. The 14-day Relative Strength Index (RSI) has climbed above 60.00, ensuring that gold's price remains on the upside without overbought signals or bearish divergence.
Gold (XAU/USD) has seen a strong surge as tensions in the Middle East escalate, and Federal Reserve Chairman Jerome Powell endorsed a stable interest rate policy in his Thursday speech. The demand for physical gold bars has increased as the Israeli military prepares to enter Gaza with the aim of targeting Hamas, a Palestinian military group. Meanwhile, despite President Joe Biden's humanitarian aid pledge for civilians in Gaza, Iran could potentially intervene directly in the conflict, turning it into a concerning crisis in the Middle East.
On Thursday, Fed Chairman Jerome Powell, along with his colleagues, Philip Jefferson, Austan Goolsbee, Michael Barr, and Raphael Bostic, delivered a neutral guidance on interest rates in their speech at the New York Economic Club. Powell acknowledged that high U.S. Treasury bond rates in recent years have significantly impacted overall spending and investment.
In summary, gold's upward trajectory continues, driven by geopolitical tensions and accommodative monetary policies. It remains to be seen if gold will breach the $2,000 level in the near future.
Gold prices surged to nearly $1,980.00 amid favorable market conditions. The precious metal is on a three-day price rally and is expected to approach its highest level in five months, approximately at $1,987.00 USD. The final resistance level for gold stands at $2,000.00 USD. The 20 and 50-day exponential moving averages (EMAs) have risen above the 200-day EMA, indicating a strong uptrend. The 14-day Relative Strength Index (RSI) has climbed above 60.00, ensuring that gold's price remains on the upside without overbought signals or bearish divergence.
Gold (XAU/USD) has seen a strong surge as tensions in the Middle East escalate, and Federal Reserve Chairman Jerome Powell endorsed a stable interest rate policy in his Thursday speech. The demand for physical gold bars has increased as the Israeli military prepares to enter Gaza with the aim of targeting Hamas, a Palestinian military group. Meanwhile, despite President Joe Biden's humanitarian aid pledge for civilians in Gaza, Iran could potentially intervene directly in the conflict, turning it into a concerning crisis in the Middle East.
On Thursday, Fed Chairman Jerome Powell, along with his colleagues, Philip Jefferson, Austan Goolsbee, Michael Barr, and Raphael Bostic, delivered a neutral guidance on interest rates in their speech at the New York Economic Club. Powell acknowledged that high U.S. Treasury bond rates in recent years have significantly impacted overall spending and investment.
In summary, gold's upward trajectory continues, driven by geopolitical tensions and accommodative monetary policies. It remains to be seen if gold will breach the $2,000 level in the near future.
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The market is making good progress !
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