Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel.
Gold remains lifted by geopolitical risks amid sharp rise in US Treasury yields. Federal Reserve officials emphasize ongoing inflation concerns, hinting at maintaining higher interest rates for longer. Strong US labor market data reinforces robust economic backdrop. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback. XAU/USD trades at $2,384, with gains of more than 1%, after hitting a daily low of $2,361.
Technical analysis: Gold rises despite RSI in overbought levels The Gold price remains bullishly biased, and price action of the last couple of trading days appears to form a Bullish Harami chart pattern that reassembles an inside day. That suggests the non-yielding metal could resume its uptrend, even though the Relative Strength Index is at overbought levels. That said, buyers need to challenge the $2,400 figure. Once cleared, that could pave the way to test the year-to-date high at $2,431.
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