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18 November 2024,02:16
Trade Of The Day
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18 November 2024, 02:16
* Surging Conflict: Gold prices have climbed as rising geopolitical tensions in the Middle East and the ongoing Ukraine conflict boost demand for safe-haven assets. On November 17, Israeli airstrikes reportedly killed dozens in Gaza, as per local civil defense reports, and struck a central Beirut neighborhood. A Lebanese source confirmed that Mohammed Afif, the spokesperson for Hezbollah, was killed in a raid targeting the Ba’ath party offices in Ras al-Nabaa, a densely populated area. The unannounced strike caused damage to nearby buildings. In a notable policy change, the Biden administration has permitted Ukraine to use U.S. weapons for strikes within Russia, according to Reuters.
* Technical Breakout: Gold price was traded higher following prior rebound from the support level 2550.00. MACD which illustrate bullish momentum signal suggest the commodity to likely extends its rebound.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 2625.00. Conversely, a potential reversal is also to be expected and the price could head back towards 2550.00.
With a lack of crucial U.S. data this week, investors are expected to remain focus to the developments in the Middle East and the Russia-Ukraine conflict to gauge further market sentiment for the safe-haven commodity.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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22 November 2024, 02:14 Canadian Dollar Falters Amid Strength in the U.S. Dollar
21 November 2024, 02:21 Gold Rises Amid Escalating Russia-Ukraine Tensions
20 November 2024, 02:13 USD/JPY Gains Amid Doubts Over BoJ Rate Moves
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