old remains stable around $1,800 amid the Israel-Hamas conflict. Analysts are closely watching its recovery, which hinges on the crisis's severity and its impact on the global oil market.
Spot gold, monitored by traders, was at $1,861.51, up 1.6% for the day, with a daily high of $1,862.26.
Gold had hit a seven-month low recently, but it is holding steady above $1,850 - $1,855, showing resistance to falling below $1,832. A sustained breakthrough above $1,858 may push it towards $1,880.
The ongoing conflict between Israel and Hamas has raised concerns about its potential impact on Iran's oil supply. Iran, a significant crude oil exporter and a supporter of the Palestinian cause, is believed to be backing Hamas. The outcome of this crisis will depend on how severely it affects Iran's oil production and exports, particularly in the context of global oil supply constraints due to OPEC+ production cuts.
Spot gold, monitored by traders, was at $1,861.51, up 1.6% for the day, with a daily high of $1,862.26.
Gold had hit a seven-month low recently, but it is holding steady above $1,850 - $1,855, showing resistance to falling below $1,832. A sustained breakthrough above $1,858 may push it towards $1,880.
The ongoing conflict between Israel and Hamas has raised concerns about its potential impact on Iran's oil supply. Iran, a significant crude oil exporter and a supporter of the Palestinian cause, is believed to be backing Hamas. The outcome of this crisis will depend on how severely it affects Iran's oil production and exports, particularly in the context of global oil supply constraints due to OPEC+ production cuts.
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Good luck !
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The 4h frame tends to decrease slightly
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