Daily Market Analysis and Forex News
Gold strides towards $2k
The persistent fears surrounding the Israel-Hamas war have served as a tailwind for gold prices.
Gold bulls have been emboldened by the war drums banging in the Middle East, even looking past US 10-year yields that flirted with the 5% mark.
The precious metal is now trading at a 3-month high, having surged by 8% since the war broke out.
Gold may well reclaim the $2k handle if the Israel-Hamas war escalates further, especially if the conflict draws in other countries in the region.
However, the fact that spot gold’s 14-day relative strength index has broken above the 70-threshold that marks “overbought” conditions suggests that a technical pullback could be due over the immediate term.
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