Gold Prices Reach Record High Amid Middle East Tensions

The price of gold has risen to a new record high, closing at the resistance level of $2,400 USD in the Asian trading session on Friday. The escalation in gold prices is driven by political tensions among Middle Eastern countries, despite the Fed's anticipated interest rate cut in September.

Currently, the price of gold is facing difficulty in surpassing the $2,392 USD level, after reaching a new high at $2,396 USD. However, if the price continues to rise and breaks through the $2,400 USD threshold, it could generate a stronger bullish trend, aiming for the psychological level of $2,450 USD.

Although the Relative Strength Index (RSI) is at an overbought level, nearing 72.5, this indicates that there are still plenty of opportunities for buyers to demonstrate their strength.