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Gold prices fall amid signs of easing tensions in the Middle East

Technical Analysis
By Mostafa Mahmoud
Gold prices fall amid signs of easing tensions in the Middle East
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GOLD

الذهب

Gold is trading near the first support level at $2650. Prices are likely to move sideways during today’s trading within the range between the aforementioned support level and the resistance level at $2690.

Support

 2650 2600 –
Resistance 2690 2750

–

Gold prices experienced a significant decline in yesterday’s session, with the price of an ounce dropping to approximately $2,721, marking a decrease of 0.85%. This decline follows record gains previously achieved by the precious metal, with the price of an ounce reaching $2,452.69 in earlier trades.

From a technical perspective, gold is encountering strong resistance at the $2,720 per ounce level, as it has been unable to sustain above this level for an extended period. This indicates a likelihood of continued price volatility in the short term, especially with markets being influenced by geopolitical factors and changes in central bank policies.

Gold is expected to remain within a specific trading range between $2,700 and $2,750 per ounce in the coming days, as investors closely monitor any developments that may impact risk appetite and market trends.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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