GOLD: Be Cautious of a New Bullish Wave

gesternGOLD: Be Cautious of a New Bullish Wave

After breaking through $2600, gold has maintained this level with ease, indicating continued market support for gold growth despite significant speculation.

However, the list of adverse events supporting gold’s rise is growing:

1-) Middle East Conflict: The situation is escalating with no resolution in sight. Israel has launched airstrikes against Hezbollah targets, resulting in the deadliest day of violence since the 1975-1990 civil war, with at least 492 casualties reported by the Lebanese health ministry.

2-) Federal Reserve Rate Cuts: The market still expects the Federal Reserve to cut rates by another 50 basis points this year, which could further support gold prices.

Given the current situation we may see gold to reach 2680 this week or on Monday.
We can never know how this new war may escalate so far.

You may find more details in the chart!
Thank you and Good Luck!

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