Gold Rally Nears Key Resistance
Spot gold rose by $21.1 to $2,669.5/ounce, while gold futures climbed $23.5 to $2,672.5/ounce. This marks the fourth consecutive session of gains, reaching its highest level in over a week, driven by strong safe-haven demand.
Key drivers include Nvidia's gloomy revenue forecast, escalating tensions between Russia and Ukraine, and the U.S. veto of a UN Security Council resolution on a ceasefire in Gaza. These factors have shifted investor interest towards gold as a safe-haven asset amidst growing uncertainties.
Notably, gold prices have surged by 4% this week, the best weekly performance since April, rebounding from the sharpest drop in three years. Personally, I believe the next target is breaking the $2,700/ounce resistance level, potentially paving the way for further gains.
What about you? Do you think gold will conquer this critical milestone?
Key drivers include Nvidia's gloomy revenue forecast, escalating tensions between Russia and Ukraine, and the U.S. veto of a UN Security Council resolution on a ceasefire in Gaza. These factors have shifted investor interest towards gold as a safe-haven asset amidst growing uncertainties.
Notably, gold prices have surged by 4% this week, the best weekly performance since April, rebounding from the sharpest drop in three years. Personally, I believe the next target is breaking the $2,700/ounce resistance level, potentially paving the way for further gains.
What about you? Do you think gold will conquer this critical milestone?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.