Gold and Oil Rally as Bullish Trend Holds Above 2651
Technical Analysis:
Middle East Concerns Trigger Gold and Oil Price Rally
News of Iran potentially preparing to launch a ballistic missile attack on Israel triggered a selloff in global stock indices and sparked a rally in gold and oil prices. A senior White House official confirmed that Iran is preparing for such an attack, marking a potential escalation in the Middle East conflict. "A relatively quiet session quickly shifted into full risk-off mode amid unconfirmed reports of an imminent missile strike by Iran on Israel," Rudolph noted in a research update.
As long as the price remains above 2651, the bullish trend is expected to continue toward 2680 and 2698. Sustained stability above 2680 would further confirm the bullish momentum, with potential targets at 2698 and 2724.
Conversely, if the price stabilizes below 2624, a bearish trend may emerge, factoring in geopolitical uncertainties.
Key Levels:
Pivot Point: 2657
Resistance Levels: 2680, 2699, 2723
Support Levels: 2638, 2624, 2615
Trend: Bullish while maintaining stability above 2651.
Middle East Concerns Trigger Gold and Oil Price Rally
News of Iran potentially preparing to launch a ballistic missile attack on Israel triggered a selloff in global stock indices and sparked a rally in gold and oil prices. A senior White House official confirmed that Iran is preparing for such an attack, marking a potential escalation in the Middle East conflict. "A relatively quiet session quickly shifted into full risk-off mode amid unconfirmed reports of an imminent missile strike by Iran on Israel," Rudolph noted in a research update.
As long as the price remains above 2651, the bullish trend is expected to continue toward 2680 and 2698. Sustained stability above 2680 would further confirm the bullish momentum, with potential targets at 2698 and 2724.
Conversely, if the price stabilizes below 2624, a bearish trend may emerge, factoring in geopolitical uncertainties.
Key Levels:
Pivot Point: 2657
Resistance Levels: 2680, 2699, 2723
Support Levels: 2638, 2624, 2615
Trend: Bullish while maintaining stability above 2651.
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