Gold Markets Technical Analysis: Unveiling Trends and Patterns
Gold surged when news spread that Israel had attacked Iran, pushing the price above $2,400 in the spot market overnight. But the excitement didn’t last long. Reports emerged suggesting Israel’s attack wasn’t as significant as initially thought, calming the market. This back-and-forth reflects tensions between the two countries, mainly through missile strikes.
Now, it seems the market is realizing this isn’t a major escalation, at least for now. Gold quickly gave up its gains, surprising many who watched its rapid rise overnight. The market has since calmed down, returning to its previous level.
Looking ahead, it’s likely gold will trade sideways for a while. It surged so quickly that it needs time to settle. Some think it might even dip back to around $2,200. It’s still risky to jump into gold right now. Traders are torn between holding onto it for potential weekend trouble or selling if things turn out well. So, for now, it’s a cautious market—bullish in the long run but neutral in the short term. That’s how I plan to approach trading it.
