Commodities Analysis by Fawad Razaqzada covering: Gold Spot US Dollar, US Dollar Index Futures, Gold Futures, United States 10-Year. Read Fawad Razaqzada's latest article on Investing.com
Gold struggles as easing geopolitical tensions and rising yields weigh on its safe-haven appeal.Chinese economic uncertainty adds pressure, challenging the metal’s resilience at elevated prices.Risk sentiment was positive in the first half of Monday’s session, buoyed by the easing of geopolitical tensions after Israel’s limited strikes on Iran. European stocks pushed higher as
While concerns over the Middle East situation have eased somewhat, US presidential election uncertainty means geopolitical risks are still a factor that could lend support. Should these trends hold through the week with the release of not-so-weak US data, gold may struggle in the short-term outlook.Gold’s safe-haven status took a knock following Israel’s indication that it won’t escalate tensions with Iran after its attacks on military targets across the country were limited.
Still, we need to see the trigger before looking for short setups. Gold needs to break a key support level, break a trendline, make a lower low, or form a confirmed reversal-looking price candle as a minimum.A daily close below the $2715-20 support area would indicate a short-term bearish shift. If that happens, gold may initially move down to $2685, which is the next nearest support level.
Gold certainly has room for further upside in the long-term outlook and I will remain the bullish camp as I have done so in the last several years.
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