Gold price is approaching the 2400 USD zone

As the trading week ended, gold showed no signs of slowing down in its recovery, approaching the key $2,400 mark and posting an impressive daily gain of 1.04%, or 240 pips.

Gold continues to benefit from strong market support, especially given the ongoing geopolitical tensions in the Middle East, which show no signs of easing. This confirms gold's status as a safe haven asset. In addition, expectations that major central banks will reduce interest rates later this year also contribute to strengthening the value of this precious metal.

From a technical analysis perspective, if gold continues on its current trajectory, the next target according to the Fibonacci index is 2465 USD. In addition, the uptrend is also reinforced by the price movement above both EMA 34 and 89, bringing optimistic signals to investors.