- Middle East crisis looms large as Iran refuses to budge on appeal for restraint.
- Safe haven rush to safety triggers Gold demand ahead of week end.
- Gold records new high at $2500
Positive sentiments from US economic data led to cooling off in Gold prices yesterday with a pullback to $2432 but geo political risk in the middle east theatre takes center stage and reignite the fierce rally.
Fears that Iran may attack Israel keep fuelling chaos as appeal for restraint fails to show signs of truce between the warring sides while Israel braces for Iranian attack.
Increasing risks fuel safe haven demand for Gold which makes new record high at $2500 psychological handle and currently consolidates between $2476-$2493
Daily chart formation shows Gold tested resistance of ascending channel which traders will monitor closely as any hint of truce or Iran postponing attck will lead to reaction in Gold prices cooling off the high and a follow up retracement towards support zone may be witnessed.
On the flip siide, if Iran launches offensive against Israel which is broadly being feared, may lead to further spike in the yellow metal reaching next leg higher $2525-$2550 in no time.
Support is seen located at $2466-$2440-$2427
The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.
Recommended Content
Editors’ Picks

EUR/USD stays defensive below 1.0500 amid light trading
EUR/USD struggles to capitalize on recent upside and oscillates in a narrow range below 1.0500 in European trading on Monday. However, the pair's downside remains cushioned by persistent US Dollar weakness and an upbeat mood. Focus shifts to central bank talks.

GBP/USD ranges near 1.2600 as US Dollar steadies
GBP/USD keeps its range near 1.2600 in the early European session on Monday. The pair stays support amid a subdued US Dollar price action following Friday's disappoining US Retail Sales data. Thin trading is likely to extend as US markets are closed in observance of Presidents' Day.

Gold: Bulls have the upper hand near $2,900 amid trade war fears and weaker USD
Gold regained positive traction on Monday amid sustained USD weakness. Concerns about Trump’s tariffs further benefit the safe-haven XAU/USD pair. The fundamental and technical setup underpin prospects for additional gains.

Cardano set for 20% rally as bullish bets increase
Cardano price extends its rally on Monday after gaining more than 13% last week. On-chain metrics suggest a bullish picture as ADA’s long-to-short ratio reached the highest level in over a month.

Tariffs likely to impart a modest stagflationary hit to the economy this year
The economic policies of the Trump administration are starting to take shape. President Trump has already announced the imposition of tariffs on some of America's trading partners, and we assume there will be more levies, which will be matched by foreign retaliation, in the coming quarters.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.