The impact of war on gold

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Hello everyone,

Precious metals experienced a slight correction today, with a decrease of $20 or -1.04% compared to the previous trading session.

Gold price forecast:
14 Wall Street analysts participated in Kitco News' gold survey. 72% of the analysts expect gold prices to increase in the near future, while 14% predict a decrease and the remaining 14% believe prices will remain stable.

From the analysis chart:
In the short term, gold may test the support level at $1900. The hope is that it will find support at this point and then rebound.

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Financial markets are under stress following terrorist attacks by Hamas in Israel. Gold and silver tend to perform well during times of market uncertainty and widespread anxiety. With tensions rising in the Middle East, both metals could remain well supported next week, especially if Israel begins a road campaign as part of its planned response to the weekend's events. via.

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According to the CME FedWatch tool, markets are forecasting a 90% chance the Fed will leave interest rates unchanged at its policy meeting next month.

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In the long term, gold is still supported by many factors, including purchasing activities of central banks. Accordingly, strong and sustainable gold purchasing activities of central banks have created a solid foundation for gold prices in recent times and will be the main driving force to push the precious metal to new all-time highs in the near future. new year.

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