Gold Rebounds Amid Geopolitical Tensions; Metals Market Mixed

6 באוג׳

Mixed Metal Prices Amid Rising Tensions

Gold prices are inching upward, recovering about half of Monday's losses, as tensions escalate over potential Iranian retaliation against Israel. Following the death of Hamas leader Ismail Haniyeh last week, Iran has openly vowed retribution, stoking concerns of an imminent attack. Global conflicts and political instability often increase gold demand as governments and individuals seek to protect their wealth.

Gold Rises After Monday's Stock Selloff

Technical Analysis: Gold

Current Outlook: Gold prices are consolidating between $2,420 and $2,397, with a bullish trend likely if prices break above $2,428.

• Bullish Scenario:
  - Stability above $2,420 could extend the bullish trend towards $2,428.
  - A break above $2,428 could target $2,450 and $2,475.
  
  
• Bearish Scenario:
  - Stabilization below $2,416 could support a decline to $2,407.
  - A break below $2,397 could push prices downward to $2,378.
  
  
• Key Levels:
  - Pivot Line: $2,416
  - Resistance Levels: $2,428, $2,450, $2,475
  - Support Levels: $2,407, $2,397, $2,378
  
  
• Today's Expected Trading Range: The price is anticipated to fluctuate between the support level at $2,397 and the resistance level at $2,450.
  
  For the wider metals complex, demand concerns from China and rising global inventories have further pressured prices, contributing to the overall mixed performance in the metals market.

6 באוג׳

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Update

Hit Target +300 pip✅✅

as we mentioned as long as trades under 2397 means will drop to get our third target which is 2377 and already still running to reach there

the movement range is between 2397 and 2377 till breaking

Timeframe 4h, 1h
current price 2383