Gold Prices Stabilize Amidst Geopolitical Tensions
Gold prices are trading sideways, hovering around the $2,720 level. The precious metal is finding support from ongoing geopolitical tensions, particularly the conflict in the Middle East and the upcoming US presidential election.
Key Factors:
Geopolitical Tensions: The escalating conflict in the Middle East and uncertainty surrounding the US election are driving safe-haven demand for gold.Central Bank Policies: Central banks worldwide are maintaining accommodative monetary policies, which is also supportive of gold prices.
Technical Analysis: Gold is currently in a sideways trend, with potential for both upside and downside movements.
Technical Outlook:
Upside Potential: A break above the $2,758 level could lead to further gains, with the next target at $3,000.Downside Risk: A break below the current range could trigger a pullback towards the $2,600 level.