Gold wobbles at its historic peak

Gold prices fluctuate sharply up and down but follow a gradual upward trend and sometimes reach close to 2,400 USD/ounce.

Geopolitical tensions in the Middle East tend to increase when Israel announces it will retaliate against Iran. According to Qatar's Al-Jazeera TV channel, a senior US official said that Israel could attack targets deep inside Iranian territory to demonstrate its military capabilities.

In fact, US officials are not sure when Israel will respond. US President Joe Biden and many leaders called on Israel to exercise restraint. However, investors believe that it can happen at any time.

Previously, on the evening of April 13, Iran launched more than 300 drones and missiles into Israel. This is Iran's retaliation after it accused Israel of attacking the Iranian Embassy in Syria earlier this month, killing several high-ranking Iranian military officers.

Rising tensions in the Middle East are a supportive factor for gold. Recent cash flows have continuously turned to gold as a channel to shelter from storms. Some forecasts say that gold could easily exceed $2,400/ounce for the second time if conflict increases in this area.

However, the USD has climbed in recent days, hindering gold's rise. Recently, US Federal Reserve (Fed) officials have continuously signaled a delay in reducing interest rates while the US economy is still quite strong.

Comment:

✅ If XAUUSD closes above $2,400 per troy ounce, the price could rise to test the all-time high and potentially head towards $2,500 per troy ounce, the next potential resistance level.
✅ Conversely, XAUUSD could return to $2,300 per troy ounce if the price does not close above $2,400 per troy ounce.

Comment:

Comment:

🔹The World Bank warns of the repercussions of tensions in the Middle East and their impact on initiatives to address inflation, delaying interest cuts and increasing food insecurity.