Gold prices jumped during Tuesday’s North American session on news of Israel’s attack on Lebanon, which sent the XAU/USD spot price soaring above the $2,400 figure.
Gold price surpasses $2,400 after Israel's attack on Lebanon. US Treasury yield dip and weak USD support Gold price despite strong US job market data. Europe’s largest economy, Germany, enters recession, fueling ECB rate cut expectations in September. Earlier, the golden metal hovered around the latter, even though solid US data reinforced the tightness of the jobs market. The XAU/USD trades at $2,404, up by more than 0.80%.
Technical analysis: Gold price climbs above $2,400 Gold price remains upwardly biased, and if it achieves a daily close above $2,400 that could pave the way for further upside. Momentum indicates the path of least resistance is skewed to the upside, yet the Fed’s decision or Powell press conference could drag prices lower. If XAU/USD buyers reclaim the psychological $2,450 area, that could sponsor a leg up to challenge the all-time high at around $2,483, followed by the $2,500 mark.
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