Gold price outlook amid rising tensions
Gold prices in the upcoming days are expected to experience a slowdown in their upward trend due to continued military escalation in the Middle East and the lack of indicators suggesting a resumption of negotiations between the United States and Iran. This keeps the precious metal under pressure within a trading range between $3,900 and $4,200 per ounce. Technical analyses indicate that resistance levels are centered at $4,130, $4,160, and $4,200, while support levels are at $4,000, $3,960, and $3,900. It is anticipated that the market may head into a broad downward wave if selling pressures increase. Additionally, gold movements are more closely correlated with geopolitical developments, especially the situation in the Strait of Hormuz, where the prospects of US interest rate hikes and monetary policy decisions remain influential factors affecting its performance.
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