Alpari Market Analysis

Daily Market Analysis and Forex News

Gold treads water below $2k

Gold treads water below $2k

The precious metal is now trading just shy of $2k, with markets still wary of an imminent escalation in the ongoing Israel-Hamas war.

Gold has so far refused to buckle under the weight of still-elevated US Treasury yields and higher-than-expected US GDP released yesterday (Thursday, October 26th).

Even as bulls yearn to reclaim the psychologically-important $2k handle, they may find immediate support around $1967.07, which marks the 78.6 Fibonacci retracement line from spot gold's September 2022 through May 2023 ascent.

As long as safe haven demand persists, gold prices should find themselves in a supportive environment.

Bullion bulls are biding time for the opportunity to launch spot gold above the psychologically-important $2,000 mark, on signs of an escalating conflict in the Middle East.

From a technical perspective however, spot gold may experience a near-term technical pullback as its 14-day relative strength index (RSI) flirts with “overbought” conditions.




Want to practice some trading?

Read more

Ready to trade with real money?

Open account
Join us

Gateway to global opportunity

Join more than 1 million traders worldwide using Alpari as a gateway to a better life.