Expectations of gold movement after such a strong rise

Gold at the economic level

Gold prices rose to the levels of 3320 dollars per ounce, approaching its highest level in two weeks, taking advantage of its gains of more than 2% in the previous session, supported by increasing geopolitical risks and the continued weakness of the US dollar with the cautious economic outlook of the Federal Reserve and Moody's downgrade of the US credit rating due to high debt levels.

Reports that the Zionist entity is planning to launch an attack on Iranian nuclear sites have also raised fears of a possible escalation of the conflict in the Middle East, as such an attack could lead to retaliation from Iran.

Geopolitical concerns were exacerbated by President Trump's statement that Russia and Ukraine would start ceasefire talks, but he hinted that he would step back from mediating the 3-year-old conflict.

At the technical level

The precious metal rose today to our first target at the levels of 3320 dollars per ounce, as we mentioned in the weekly analysis video, as well as yesterday's Gold movement forecast here

Gold is currently trading inside an ascending price channel on the four-hour frame, and is also trying to form a bat harmonic pattern near the levels of 3400 dollars per ounce and around.

Any corrective pullback near the lower boundary of the ascending price channel at 3265 dollars to 3250 dollars per ounce I expect there will be good chances to buy gold to target the levels of 3320 dollars again and then the levels of 3400 dollars per ounce.

The bullish scenario fails to break the 3200 USD levels down.