Gold Price Forecast: XAU/USD rises above $2,410 after reports of Israeli attack on Iran

Gold price rises as risk aversion intensifies following reports of Israeli missiles striking a site in Iran.
Iran’s Fars News Agency reported explosions at the central Isfahan airport.
The gains in the US Dollar could limit the advance of the Gold prices.

Akhtar Faruqui FXStreet

Gold price surges to nearly $2,410 per troy ounce during the Asian session on Friday. The safe-haven yellow metal gains ground as risk aversion sweeps across the financial markets following confirmation from ABC News that Israeli missiles struck a site in Iran, exacerbating tensions in the Middle East.

According to Reuters, citing Iran’s Fars News Agency, locals reported hearing explosions at the central Isfahan airport. However, the cause of these explosions remains unknown. Investigations are ongoing to determine the exact details of the incident.

On the US Dollar's front, Federal Reserve (Fed) officials conveyed hawkish messages on Thursday, leading to a surge in US Treasury yields and the Greenback, consequently curtailing the upward momentum of non-yielding assets like Gold. The stronger USD renders bullion more expensive for holders of other currencies.

Atlanta Fed President Raphael Bostic highlighted that US inflation is excessively high and emphasized that the Fed still needs to make progress on addressing inflation. Meanwhile, New York Fed President John Williams stressed the Fed's commitment to being data-dependent and expressed that he does not currently perceive an immediate need to lower interest rates.

XAU/USD

Overview
Today last price	2412.37
Today Daily Change	33.37
Today Daily Change %	1.40
Today daily open	2379

Trends
Daily SMA20	2291.47
Daily SMA50	2166.58
Daily SMA100	2100.37
Daily SMA200	2018.33

Levels
Previous Daily High	2392.87
Previous Daily Low	2360.92
Previous Weekly High	2431.61
Previous Weekly Low	2303.02
Previous Monthly High	2236.27
Previous Monthly Low	2039.12
Daily Fibonacci 38.2%	2380.67
Daily Fibonacci 61.8%	2373.12
Daily Pivot Point S1	2362.32
Daily Pivot Point S2	2345.65
Daily Pivot Point S3	2330.37
Daily Pivot Point R1	2394.27
Daily Pivot Point R2	2409.55
Daily Pivot Point R3	2426.22

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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