Gold Surpasses $3,000 Amid Escalating Global Tensions

Gold Surpasses $3,000 Amid Escalating Global Tensions

Recent developments in the Middle East have intensified, driving Gold prices beyond the pivotal $3,000 mark.

The Israel-Hamas ceasefire has reportedly collapsed, prompting Israel to resume military operations in Gaza.

In parallel, U.S. forces have sunk an Iranian ship amidst the ongoing Gaza conflict.

Additionally, U.S. President Donald Trump is set to discuss the situation with Russian President Vladimir Putin on Tuesday, aiming to broker a renewed ceasefire.

Technical Analysis:
Following a consolidation for about 1 week at the $3,000 psychological threshold, Gold surged above this level, fueled by the escalating geopolitical turmoil.
Currently trading near $3,030, the price approaches a significant resistance zone, aligning with a potential completion of the harmonic pattern. GOLD has still chances to react in this zone.

I am watching for two possible scenarios and both are with a high risk:

A correction may occur before Gold continues its upward trajectory near 3048, 3080 and 3100

A deeper decline could materialize if tensions de-escalate, stabilizing the market environment. If that happens GOLD can move down from 3030. However it's very risky idea at this moment

You can find more details on the chart!
Thank you!