Gold has reached a new peak with escalating geopolitical tensions.
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After a prolonged rally, gold experienced a slight pullback yesterday but started today with a positive trend.
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In light of the data released yesterday and the persistent geopolitical tensions, gold, continuing its ascent, faces its initial resistance level at 2395, with the subsequent level being the range of 2405-2410.
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With Russia opening a new front against Ukraine, failed ceasefires, market expectations for a Fed rate cut this year, and buying from central banks, gold has continued its strong performance in May, with the latest rally undergoing a correction.
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Gold bounced back from the support level of 2330 after last week's correction due to persisting geopolitical risks, awaited inflation data, and central banks' gold purchases.
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After facing profit-taking on Friday following its rally last week, gold's trend remains alive due to potential interest rate cuts and ongoing geopolitical risks.
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The recent economic indicators from the US signal a slowdown, ongoing ceasefire talks in Gaza without a resolution, central banks' gold purchases, and tensions in Ukraine have pushed gold to break above the 2330 resistance level.
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Fed statements and upcoming data releases for clues about the Fed's roadmap are expected while the current market sentiment leans towards a rate cut in September.
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Despite the dollar index gaining strength due to more hawkish remarks from Fed members, gold has remained resilient.
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