Gold prices showed a partial decline from last week's surge, hovering around $1,975 in Asian trading on Monday. The metal's upward momentum was supported by safe-haven inflows due to escalating political tensions in the Middle East. Amid favorable winds, gold spiked to nearly $1,980.00, marking its third consecutive day of gains and aiming to reclaim its five-month high around $1,987.00. The final resistance level for gold stands at $2,000.00. The 20-day and 50-day Exponential Moving Averages (EMA) have surged above the 200-day EMA, indicating a robust upward trend. The Relative Strength Index (RSI) (14) has risen above 60.00, ensuring further potential for gold's upward movement, with no signs of divergence or overbuying.
Gold (XAU/USD) gained momentum as Middle East tensions continued to escalate, and Federal Reserve Chairman Jerome Powell endorsed a stable interest rate policy in his Thursday speech. Demand for gold bars surged as the Israeli military prepared to enter the Gaza Strip with the aim of neutralizing Hamas, the Palestinian militant group. Meanwhile, despite President Joe Biden's humanitarian aid promises for civilians in Gaza, Iran could intervene directly in the conflict, potentially escalating into a concerning Middle East crisis.
On Thursday, Fed Chairman Jerome Powell, alongside his colleagues - Philip Jefferson, Austan Goolsbee, Michael Barr, and Raphael Bostic - delivered a neutral interest rate guidance during their speech at the New York Economic Club. Powell acknowledged that the high U.S. Treasury bond yields in recent years significantly impact overall spending and investment.
Stay tuned for further updates on gold prices and global geopolitical developments.
Gold (XAU/USD) gained momentum as Middle East tensions continued to escalate, and Federal Reserve Chairman Jerome Powell endorsed a stable interest rate policy in his Thursday speech. Demand for gold bars surged as the Israeli military prepared to enter the Gaza Strip with the aim of neutralizing Hamas, the Palestinian militant group. Meanwhile, despite President Joe Biden's humanitarian aid promises for civilians in Gaza, Iran could intervene directly in the conflict, potentially escalating into a concerning Middle East crisis.
On Thursday, Fed Chairman Jerome Powell, alongside his colleagues - Philip Jefferson, Austan Goolsbee, Michael Barr, and Raphael Bostic - delivered a neutral interest rate guidance during their speech at the New York Economic Club. Powell acknowledged that the high U.S. Treasury bond yields in recent years significantly impact overall spending and investment.
Stay tuned for further updates on gold prices and global geopolitical developments.
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4h frame is at 1985