XAUUSD: Gold is predicted to increase sharply due to the war
According to experts from Leader Capital Markets, the current conflict is expected to be prolonged and severe.
ANZ Bank experts believe that oil prices will continue to rise in the near future. Recent increases in oil prices are attributed to reduced supply as a result of OPEC+ production cuts. In the fourth quarter, the supply situation may be further disrupted due to Iran cutting its exports.
Gold is often considered a safe haven in times of global instability. The protracted Israel-Hamas conflict may encourage a shift towards investment in safe-haven assets like gold and the USD.
Currently, many organizations have refrained from making gold price predictions. It is widely believed that these predictions will depend on the duration and intensity of the conflict.
ANZ Bank experts believe that oil prices will continue to rise in the near future. Recent increases in oil prices are attributed to reduced supply as a result of OPEC+ production cuts. In the fourth quarter, the supply situation may be further disrupted due to Iran cutting its exports.
Gold is often considered a safe haven in times of global instability. The protracted Israel-Hamas conflict may encourage a shift towards investment in safe-haven assets like gold and the USD.
Currently, many organizations have refrained from making gold price predictions. It is widely believed that these predictions will depend on the duration and intensity of the conflict.
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Razaqzada forecasts that the next potential resistance level for gold is around 1,885 USD/ounce, followed by 1,900 USD/ounce. The next potential support level is Friday's high of $1,835 an ounce.
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The first major inflation report of the week will be released later in the session, with the September producer price index expected to rise 1.6% on the year and 0.3% from August, while the core PPI is expected to increase 2.3% for the year and 0.2% for the month.
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TP: 1880
SL: 1855