XAU/USD Gold Price Prediction: Can Gold Continue to Trade Higher?


Gold surged to $2,417 in early trading today following Israel's retaliatory strike against Iran.

However, the statement issued by Iran immediately after the attack seems to belittle the actions that have been taken by Israel, the top official of the country's armed forces reported that the counterattack that has been carried out by Israel is seen as a failure because the air attack attempt has been thwarted almost all by Iran.

The statement issued by Iran is seen to be able to limit the increase in the price of gold to a higher level at this time.

Market players will be focused on the development of this geopolitical status and it is expected to be able to provide an aggressive impact as it has happened at the beginning of today's trading.

Technical Analysis

Based on the 4-hour chart (4-Hours Time Frame), the price of gold is currently focused at the $2,380 level.

If the level is successfully maintained, gold is expected to retest the highest level at $2,432.

But if otherwise, gold is seen to be able to trade low until the level of $2,365 before $2,324 becomes the main focus of gold market players.