Gold Prices Surge Amid Geopolitical Risks

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold prices attracted buying activity at the beginning of the week and held steady around the range of 2,431-2,432 USD, preventing a retreat. Iran's attack on Israel over the weekend not only pushed gold prices to new highs but also heightened market concerns. The US Dollar (USD), despite its weakness, continued to support the strong rise of gold.

Moreover, strong expectations regarding the Fed's first interest rate hike in September instead of June underscored the ongoing importance of inflationary pressures.

From a technical standpoint, on the 4-hour chart, gold prices continued to affirm their upward trend. The Relative Strength Index (RSI) surpassed the 50 threshold, setting the stage for a significant price increase in the near future.

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