Although the conflict between Israel and Hamas has not subsided, it continues to encourage safe haven purchases in the gold market. However, with rising bond yields, this dynamic did not help precious metals maintain their previous gains.
Even if gold doesn't shine, City Index market analyst Fawad Razakzada believes the precious metal will still grow stronger in a risky environment. Additionally, the fact that the USD failed to find any incentive to rally following Friday's better-than-expected jobs report has many investors pondering whether the USD may have peaked, and this That bodes well for the market. Golden school. The expert said spot gold remained above $1,857 an ounce on Tuesday afternoon (US time), the first major short-term resistance. While a slight decline from this level is understandable, the reality is that there was support in the long-term range around $1,805 to $1,820 an ounce last week before risks increased. political geography. The expert said this bodes well for gold.
Razakzada predicts that the next potential resistance level for gold is what he sees as $1,885 an ounce, followed by $1,900. The next possible support level is Friday's high of $1,835 per ounce.