Gold Breaks Record, Silver Surpasses $34 As Central Banks Drive Precious Metals Rally
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Gold prices rebounded significantly from the intraday low. How to trade next? FXStreet senior analyst analyzes the technical aspects of gold prices.
In early European trading on Monday, spot gold is located near $2740 per ounce, although it is still falling during the day, it is already significantly higher than the intraday low. FXStreet Senior Analyst Dhwani Mehta pointed out that from a technical perspective, as long as it stays above the 38.2% Fibonacci level, the gold price still maintains a 'buy on dips' trading strategy.
"Timing, location, and people are all favorable"! Is there no limit to the current rise in gold prices?
Since October 2022, gold has been much more "bullish" than the US stock market, and this trend may continue...
Iran has just received heavyweight news again! Market risk aversion sentiment further cools down, gold price plunges more than $20 within the day.
During Monday's Asian market session, spot gold fell again in the short term, with the current price around $2726 per ounce, dropping over $20 within the day. Previously, Israeli aircraft attacked military targets inside Iran last Saturday, avoiding oil and nuclear facilities. Iran has not responded immediately, and Bloomberg pointed out that the latest developments may reduce some safe-haven demand.