Today, the price of precious metals, especially gold, has surged following Hamas' surprise military attack on Israel last weekend. This has led to an increased demand for gold as a safe haven, stabilizing it at around $1,820 per ounce. On the other hand, the US dollar and silver bond yields seem to be decreasing after a significant price increase in the previous round.
However, the US interest rates continue to pose a barrier for gold. In order for gold to solidly rise, the market needs to see the Federal Reserve show more accommodative measures by 2024. Additionally, the gold market is also being influenced by upcoming macroeconomic data from the US that will be released this week.
From Brian's personal perspective, he predicts that gold may decrease to $1,845, touching the EMA 89 level, and then continue its upward trend.