Gold price sits near near one-week top amid geopolitical tensions, bulls seem non-committed

GOLD ANALYSIS & NEWS

Gold price sits near near one-week top amid geopolitical tensions, bulls seem non-committed

~GOLD made a high of $2625 this morning in Asian session.

~GOLD breaks it's yesterday's Day high at $2596 and then went for Super Bullish rally & went upto $2625.

~Gold price scales higher for the second straight day and is supported by a combination of factors.

REASONS FOR GOLD GOING BULLISH

"Gold Rallies on Geopolitical Tensions, Falling Bond Yields, and Weaker USD"

1. Gold is supported by Ukraine-Russia tensions and Biden’s missile authorization for Ukraine, boosting safe-haven demand.

2. The USD is sliding from its high, aided by falling US Treasury yields, further supporting gold (XAU/USD).

3. Gold’s upside may be limited as reduced expectations for aggressive rate cuts by the Fed favor the USD.

4. Trump’s tax cuts and tariffs could stoke inflation, limiting the Fed's ability to ease, which benefits the USD over gold

WHAT'S EXPECTED IN GOLD TODAY??

1. As Gold is in Bullish territory, Gold may remain in Bullish zone.

2. Gold may test lower levels of $2612-15 and then it may go more up, $2640 will be the level to watch for today.

3. If Gold breaks support levels at $2606, then it may test $2590 levels.