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.

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

 

 

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