It's not surprising to see Gold inching closer to the $2000 mark as tensions escalate in the Middle East. Apart from political instability, gold is also supported by concerns of another interest rate hike by the Fed in 2023. Thus, we have witnessed a strong recovery in the price of gold.
The 30-minute timeframe shows that gold is trading relatively calmly while facing resistance at $1985. However, the possibility of a price increase is still being steadily reinforced. It is expected that gold will test the $1971 level in the next trading session. The price target continues to revolve around the $2005 mark, which is currently being emphasized.
The 30-minute timeframe shows that gold is trading relatively calmly while facing resistance at $1985. However, the possibility of a price increase is still being steadily reinforced. It is expected that gold will test the $1971 level in the next trading session. The price target continues to revolve around the $2005 mark, which is currently being emphasized.
Comment:
US 10-year notes were lower, down 6.4 basis points to 4.925%, while 2-year notes were yielding 5.106%, down 6.0 basis points. Therefore, this could be a short-term motivation for Gold next week
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