#Gold Technical Analysis# 24K99 News In early European trading on Monday August 5th, spot gold surged significantly from around $2424/ounce, and is now trading around $2445/ounce. Economies.com, a well-known financial news website, has published the latest analysis of today's gold technical outlook.
According to Economies.com, the gold price is accumulating bullish momentum, with the first bullish target aimed at $2483.40/ounce.
(Spot gold 5-minute chart Source: 24K99)
FXStreet analyst Lallalit Srijandorn pointed out on Monday that due to the intensification of geopolitical tensions, the gold price rebounded. Disappointing US job reports and risk aversion continue to support the gold price.
The US news website Axios reported on August 4th local time that three US and Israeli officials said they expect Iran to hit Israel as early as Monday.
According to CNN, due to the intensification of tensions in the Middle East and concerns about the expansion of conflicts, the United States, Britain, France, Turkey and other countries have urged their citizens to leave Lebanon.
In addition, many airlines including Air France, Lufthansa, and Kuwait Airways have cancelled flights to and from Lebanon.
According to Agence France-Presse, due to growing concerns about a full-scale war between Israel and Hezbollah in Lebanon, the US Embassy in Lebanon urged its citizens on August 3rd to choose "any available ticket" to leave Lebanon.
Israeli Prime Minister Netanyahu announced on August 4th that the country is ready to launch a strong counterattack if it is attacked.
Intraday analysis of gold trading.
Economies.com wrote in the article that the gold price faced significant downward pressure in the previous few trading sessions and tested the 50-period index moving average line (EMA), which formed good support. The gold price is starting to rise again and is expected to test the first target of $2483.40/ounce. Breaking through that level will be a key factor in testing the $2500.00/ounce level for gold prices.
(Spot gold 4-hour chart Source: Economies.com)
Economies.com stated that therefore, we will continue to predict that the gold price will be bullish in the next period of time. It should be pointed out that if the gold price falls below $2420.00/ounce, this will stop the expected upward trend and put the gold price under bearish pressure. The first target is to test $2385.00/ounce. Once it falls below that level, the decline may even extend to $2324.55/ounce.
Economies.com predicts that today's gold price trading will be between support of $2430.00/ounce and resistance of $2470.00/ounce.
Economies.com stated that the expected trend for gold prices today is bullish.
At 15:33 Beijing time, spot gold was reported at $2444.37/ounce.