© Reuters.
Investing.com – Gold began its trading at the opening of the Asian round with a quiet downward correction, as the price of spot gold contracts fell by 0.21% to $2002.18 and futures contracts for the yellow metal (Futures) fell by 0.16% to $2012.2 per ounce now.
Al-Dhahab is awaiting an important week with the development of ground operations carried out by the Israeli army in the Gaza Strip, aiming to expand the attack on Hamas. The aerial bombardment against the Palestinian people in Gaza is still continuing despite various calls for a ceasefire or a humanitarian truce for the Strip.
A look at gold last week
Gold bulls reclaimed the 2,000 per ounce area that had eluded them over the past two months as investors sought safe havens.
The most active gold contracts on the New York COMEX exchange for December settled in Friday’s official trading session at $1,998.50 an ounce, up just $1.10, or 0.05%.
However, post-settlement, the benchmark gold futures traded at $2,016.30, showing a profit of $18.90, or 0.95%, on the day.
The stock, which some traders follow more closely than futures, settled at $2,006.38, up $21.49, or 1.1%, after a session high of $2,009.41.
Gold: price forecast
Given the geopolitical push from the war in the Middle East, as well as the positioning on the chart, the next logical targets for spot gold seem to be $2,035, then $2,055, followed by the key resistance of $2,080, Dixit of SKCharting said.
He said any pullback towards the $1,990-$1,980 horizontal support zone would be used to cover short positions and re-enter with long positions aiming to join the rally, which appears to be heading towards $2,080.
Also, Dixit warned, “The current upward momentum is driven solely by safe haven appeal due to fears of war escalation, hence any slowdown in fighting or pace of headlines emerging from the war could trigger a sharp corrective wave that gives way to key support levels.” “Traders should be extremely careful while trading on margin to avoid any mishaps.”
2023-10-29 23:47:25
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