Gold Daily | Record Highs Amid Middle East Tensions and U.S. Election Drive Bullish Gold Outlook
Monday, Oct 21, 2024 8:00 am ET
1min read 【Latest Gold Price and Recent Trends】
Gold prices reached a record high of $2,733.13 per ounce due to rising geopolitical tensions in the Middle East and the competitive U.S. presidential election. Spot gold rose 0.34% to $2,730.74 per ounce.
【Technical Analysis】
Gold's technical outlook remains bullish. The 4-hour chart shows a potential upside, with resistance at $2,736.46. RSI indicates overbought conditions, suggesting a possible pullback to $2,692 or lower if the price breaks below $2,715. The 21-day SMA supports at $2,653.
【Market Sentiment and Economic Background】
Geopolitical tensions and economic uncertainties are driving gold prices. The Middle East conflict between Israel and Hezbollah intensifies, while the U.S. election shows a close race between Trump and Harris. Lower rates make gold more attractive. The ECB's expected rate cuts in December further boost gold's appeal. Analysts predict a potential rise to $3,000 per ounce due to increased demand and ETF inflows.
【Analyst Opinions】
Analysts remain bullish on gold's prospects, predicting a rise to $2,750 and potentially $3,000 within 6 to 12 months. The ongoing geopolitical tensions and central bank policies are expected to keep supporting gold prices.
Gold prices reached a record high of $2,733.13 per ounce due to rising geopolitical tensions in the Middle East and the competitive U.S. presidential election. Spot gold rose 0.34% to $2,730.74 per ounce.
【Technical Analysis】
Gold's technical outlook remains bullish. The 4-hour chart shows a potential upside, with resistance at $2,736.46. RSI indicates overbought conditions, suggesting a possible pullback to $2,692 or lower if the price breaks below $2,715. The 21-day SMA supports at $2,653.
【Market Sentiment and Economic Background】
Geopolitical tensions and economic uncertainties are driving gold prices. The Middle East conflict between Israel and Hezbollah intensifies, while the U.S. election shows a close race between Trump and Harris. Lower rates make gold more attractive. The ECB's expected rate cuts in December further boost gold's appeal. Analysts predict a potential rise to $3,000 per ounce due to increased demand and ETF inflows.
【Analyst Opinions】
Analysts remain bullish on gold's prospects, predicting a rise to $2,750 and potentially $3,000 within 6 to 12 months. The ongoing geopolitical tensions and central bank policies are expected to keep supporting gold prices.
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