Hello dear friends! The price of gold is consolidating its strong upward trend, reaching a new monthly high of $1,940 at the start of Wednesday. Increasing political tensions between Israel and Hamas, along with positive economic data from China, have boosted the demand for the precious metal.
The next resistance level can be seen at the highest point on September 20th, which is $1,947, above which the highest point on September 1st, $1,953, will be tested.
Sustained upward momentum beyond this level could propel a new upward trend towards the range of $1,970 - $1980. Further south, the previous day’s low of $1,912 will be on Gold sellers’ radars.
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Support levels: $1,938, $1,926, $1,912. Resistance levels: $1,962, $1,978, $1,987.