⭐️ XAU/USD - WAR's effect on the $GOLD Price (IMPORTANT)

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Weekly Gold Market Analysis

Upon examining the gold chart on a weekly basis, it was observed that last Friday marked a significant surge in gold prices. This increase was triggered by the announcement of a potential Iranian attack on Israel, propelling the price to $2431.

Price Fluctuations and Corrections

However, the ascent was short-lived, and the price underwent a sharp decline. In less than four hours, gold experienced a correction exceeding 1000 pips, eventually settling at $2344 by the market’s close.

Market Reactions to Geopolitical Events

The anticipated attack materialized on Sunday morning, leading to speculations of a price hike when the market reopened. As predicted, Monday saw gold’s value climb from $2344 to $2372. Despite this, the growth was modest, largely because the market had already factored in the news to a considerable degree on Thursday, resulting in diminished tensions.

The Lingering Threat of Conflict

Investors are advised to exercise caution as the specter of war continues to loom over the market. The coming days may witness escalating tensions, potentially driving gold prices higher.

Technical Outlook and Price Projections

It is crucial to monitor the $2404 threshold. Should the price fail to breach this level and instead retreat towards the $2200 channel, with the weekly candle closing within this range, there could be a further downturn in gold prices.

Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me !

Best Regards , Arman Shaban
Trade active
Trade closed: target reached

📣 Join My FREE Channel on TG for more TA 👉🏼

⚜️Send me a DM if you want to join the VIP 👉🏼

▶️ Video Analysis on YouTube :

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.