While market participants are focused on the stalemate in the US-Iran war and whether it will ease or escalate further, the nearly three-year-long conflict between Israel and Hamas shows no signs of abating. Israeli Prime Minister Netanyahu has further stated that the crackdown on Hamas is not yet over. This heightened geopolitical tension in the Middle East is likely to dampen investors’ willingness to buy gold at high levels in the short term.

On the other hand, if investors’ concerns about the Federal Reserve not slowing its interest rate hikes continue, gold prices could easily fall below $4,100 before more aggressive buying interest emerges.

Gold prices may fluctuate between $4,097 and $4,187 in the short term. Pay close attention to buying opportunities at the lower end of this range, as there is potential for a short-term rebound. $4,077 can serve as an important price support level; be sure to manage risk accordingly.

Risk Warning: This article is for market analysis purposes only. Price ranges and levels mentioned are for market observation and do not constitute investment advice. Precious metal prices are highly volatile; please make independent and prudent decisions and manage your own risk.

Gold price chart (1 hour):

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com