Gold to Continue Past the $2000 Mark by Weeks End
The target remains set at a gold price of $2010.00, though it has retraced to the 0.618 Fibonacci level, currently at $1991.00. On Friday, late into the US session, gold experienced increased buying pressure in response to news of Israel's planned ground offensive, solidifying its safe-haven status and concluding the week on a high note. This week has brought about a slight improvement in sentiment, pushing gold towards the $2000 mark.
The ongoing Middle East situation continues to be the primary driving force behind gold prices, particularly in anticipation of the upcoming FOMC meeting on Wednesday. Barring any surprises from the Fed, this geopolitical tension could maintain its influence on prices in the foreseeable future. With a significant amount of data scheduled for release this week, alongside the continuation of the US earnings season, market participants are approaching with caution, harboring doubts about the potential for another rate hike from the Central Bank following the FOMC meeting.
The ongoing Middle East situation continues to be the primary driving force behind gold prices, particularly in anticipation of the upcoming FOMC meeting on Wednesday. Barring any surprises from the Fed, this geopolitical tension could maintain its influence on prices in the foreseeable future. With a significant amount of data scheduled for release this week, alongside the continuation of the US earnings season, market participants are approaching with caution, harboring doubts about the potential for another rate hike from the Central Bank following the FOMC meeting.