GOLD: Gold prices rose to two-week high on geopolitical tensions

📚 Before the announcement of the US inflation data, gold prices reached a two-week high on October 12th, driven by the accommodative policy stance of policymakers. Prior to this, some Fed officials had suggested that recent increases in the Treasury bond yields might make further interest rate hikes less necessary.

📚 This, combined with safe-haven demand amid the Israel-Palestine Hamas conflict, propelled gold – an interest-free asset – to rise nearly 3% this week, marking its highest level since mid-March 2023.

💡 The trading strategy at this time is to wait and see if gold returns to the 1915 - 1920 range or not. We will wait for Buy there.

🔰 GOLD BUY LIMIT 1915 - 1920
✔️TAKE PROFIT: 1940
❌STOP LOSS: 1910

Comment:

💡 According to analysts, in the context of so much instability and geopolitical fluctuations, investors want to hold a safe asset. This is similar to what happened in early 2022 when the Russia-Ukraine conflict broke out. Despite being optimistic about gold in the short term, Saxo Bank commodity strategist Ole Hansen still advises investors to be cautious at these high levels. He mentioned the possibility of a short squeeze as exchange-traded fund investors remain hesitant to buy gold because they believe recent gains are unsustainable.

Trade active:

✔️ Gold is going exactly as expected. It is going into a decline