On Monday, at the end of the Asian market, spot gold maintained a strong upward trend during the day. The price of gold is currently around US$1,852 per ounce, rising by more than US$20 during the day.
Gold prices rose 1% as the crisis in the Middle East triggered investor risk aversion. Gold prices hit a five-day high of $1,856 per ounce after opening. Escalating geopolitical tensions in the Middle East have spooked markets, with investors seeking safety in traditional safe-haven assets such as gold prices, the U.S. dollar and U.S. Treasury bonds.
Gold prices opened with a bullish gap today and broke above $1838.35 per ounce, which allowed gold prices to recover and try to test $1873.50 per ounce first.
Looking at the 4-hour chart, gold prices are trading above the 50-period exponential moving average (EMA), which supports the bullish view. Once the gold price breaks through 1873.50 US dollars per ounce, this will allow the gold price to extend its upward trend in the short term and touch the 1913.15 US dollars per ounce area. What needs to be considered is that if gold prices fall below $1838.35 per ounce, this will halt the expected bullish trend and push gold prices downward again.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.