GOLD Analysis – Gold Price Trend Still Positive?


Gold remained steady trading higher at the early opening of the week yesterday after the price slipped slightly at the close of last week's session which hit a new record high at $2,430.

Investors became wary after the rather drastic drop in prices in addition to watching developments during the war between Iran and Israel that could affect the appeal of gold as a safe-haven asset.

Expectations for Israel to respond to Iran's attacks launched last weekend are seen to favor gold.

The price of gold managed to maintain an increase even though the US dollar is currently strengthening supported by the latest economic data from the United States (US).

Examining the XAU/USD chart which measures the value of gold against the US dollar, the price was flat in the Asian session yesterday before falling to 2324.00 in the European session.

However, the price surge occurred before the price reached the 2390.00 level at the opening of the Asian session this morning.

However, the bullish pattern did not continue in the Asian session before prices retreated slightly at the opening of the European session this afternoon.

The movement of gold prices is seen to be still in a bullish trend while the development of geopolitical conflicts is still observed which risks changing the price direction.

If the price increase continues again, the height of 2430.00 reached last Friday will be challenged as the highest level of all time.

However, if the price falls lower after this, the concentration zone that the price is seen to be heading towards is at 2300.00.

Demand for gold as a safe-haven asset will remain positive if war tensions heat up.

But it is not impossible that investors act to give up holdings of the valuable asset after the price reaches a new record high.