With no positive outlook for the situation in Iran, Saudi Arabia has suffered repeated attacks from the pro-Iranian Houthi rebels in Yemen, primarily aimed at significantly reducing the oil exporting capacity of the world’s largest oil exporter. This could escalate tensions in the Middle East, increasing the likelihood of investors cashing out in the gold market to avoid related risks. On the other hand, if the Federal Reserve’s latest dot plot later tonight (early Thursday morning Hong Kong time) indicates multiple interest rate hikes, gold prices should experience a sharp decline due to the pressure from rising interest rates.

Gold prices may fluctuate between $4,228 and $4,344 in the short term. Pay close attention to potential entry opportunities at the higher end of this range. There is room for further pullbacks in the short term; $4,364 should be considered a key support level, and appropriate risk management is essential.

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