#XAUUSD:Will Further Escalation In Middle East Support The BullsGold was retested on Friday after USD data came out in support of the USD. The DXY rose back strongly, leading many USD pairs to melt heavily. Furthermore, the gold price dropped to the 2633 region and then retested a few more times before ranging between 2633 and 2658. Now, since the last three daily candles closed with strong wick rejections, we believe the price is likely to continue going up, up until 2730.
Fundamentals and technical analysis support our view since the ongoing conflict in the Middle East is likely to worsen in the coming days. That will likely raise concerns among investors worldwide.
If you like the idea, please like and comment. Let's discuss the idea in the comment box.Gold was reassessed on Friday following the release of USD data that favored the USD. The DXY experienced a significant increase, causing several USD pairs to decline sharply. Furthermore, the gold price fell to the 2633 region and underwent multiple retests before fluctuating between 2633 and 2658. Given that the last three daily candles closed with notable wick rejections, we anticipate a continued upward trend in the price, potentially reaching 2730.
Our perspective is supported by both fundamental and technical analyses. The ongoing conflict in the Middle East is expected to escalate in the coming days, potentially generating increased investor apprehension worldwide.
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