Geopolitical tensions will lead to gold strengthening
Gold is trading in an ascending channel drawn by the Andrews fork. The support level of $2,646 acts as a critical point, and if it holds, there is a possibility of a rise to the resistance level of $2,702.
Technical and fundamental analysis
1- Technical analysis: The price is close to the lower Bollinger band and is likely to return to higher levels.
2- Geopolitical tensions: Increased tensions in the Middle East have increased demand for gold.
3- Weakness of the dollar: The decline in the dollar index and possible Federal Reserve policies have worked in favor of gold.
Conclusion
Holding the $2,646 level is essential for the bullish trend to continue, and any increase in geopolitical tensions could push the price towards $2,702.
Technical and fundamental analysis
1- Technical analysis: The price is close to the lower Bollinger band and is likely to return to higher levels.
2- Geopolitical tensions: Increased tensions in the Middle East have increased demand for gold.
3- Weakness of the dollar: The decline in the dollar index and possible Federal Reserve policies have worked in favor of gold.
Conclusion
Holding the $2,646 level is essential for the bullish trend to continue, and any increase in geopolitical tensions could push the price towards $2,702.
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