On Monday, gold fell to $1,990 and experienced a short-term correction. Although the continued escalation of conflict in the Middle East supports bullish buying, technical analysts say that gold prices have entered a cautious bullish mode. Precious metal investors will focus on the Federal Reserve's decision, worried that the Fed may maintain a hawkish tone due to sudden calls for interest rate hikes.
Gold prices remain resilient in the $2,000 range, driven by geopolitical tensions in the Middle East. Meanwhile, investors are proceeding cautiously as they await the Federal Reserve's upcoming policy meeting. COMEX December gold futures edged higher after a slight correction in spot gold.
Israeli air strikes near Gaza have intensified conflict in the Middle East, prompting investors to turn to safe-haven assets. Gold prices have previously breached the key $2,000 mark for the first time since mid-May.
Amid this uncertainty, market participants are closely watching the Federal Reserve's policy announcement on Wednesday, which could have a significant impact on gold prices.
The current daily price of gold is $1,997.41, which is significantly above the 200-day moving average of $1,932.94 and the 50-day moving average of $1,914.98, indicating a bullish trend.
However, it is worth noting that the asset has recently declined from its previous closing price of $2006.02, which may indicate a short-term pullback.
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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.