Gold Price Forecast
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Gold prices have recently seen a rapid surge, reaching $1,960 as tensions escalate in the Gaza Strip, and the U.S. House of Representatives faces difficulties due to the absence of a Speaker, causing investors to seek refuge in safe havens.
XAU/USD is holding steady around $1,950 at market close and has gained over 1.35% on Wednesday. The conflict in Gaza and the paralyzed U.S. House of Representatives weigh heavily on risk appetites.
A hospital in Gaza was rocked by an explosion this week, resulting in the tragic loss of over 500 civilians who sought shelter in the building as the Israel-Hamas conflict escalated. Hamas claims that Israel purposefully targeted the building, while Israel attributes the destruction to an errant Hamas rocket.
Spot gold has extended beyond the 200-day simple moving average on Wednesday and has also broken the descending trendline from the May peak of $2,079.76.
XAU/USD has experienced a rapid climb in recent weeks, surging over 7.5% from its early January low to $1,810.
Speculators betting on higher gold prices will aim to turn the previous resistance level into support at $1,940, while the key psychological level of $1,900 is hoped to become a primary battleground as XAU/USD decides whether to push higher.
XAU/USD is holding steady around $1,950 at market close and has gained over 1.35% on Wednesday. The conflict in Gaza and the paralyzed U.S. House of Representatives weigh heavily on risk appetites.
A hospital in Gaza was rocked by an explosion this week, resulting in the tragic loss of over 500 civilians who sought shelter in the building as the Israel-Hamas conflict escalated. Hamas claims that Israel purposefully targeted the building, while Israel attributes the destruction to an errant Hamas rocket.
Spot gold has extended beyond the 200-day simple moving average on Wednesday and has also broken the descending trendline from the May peak of $2,079.76.
XAU/USD has experienced a rapid climb in recent weeks, surging over 7.5% from its early January low to $1,810.
Speculators betting on higher gold prices will aim to turn the previous resistance level into support at $1,940, while the key psychological level of $1,900 is hoped to become a primary battleground as XAU/USD decides whether to push higher.
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The current price of gold is in 1976Penafian
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