Gold is still rising in the medium and near term

Gold at the basic level

Gold prices opened on an upward price gap at the beginning of the week today, as the markets were waiting for Iran's response to the US and Israeli strikes on its nuclear sites.

Usually, the escalation of geopolitical concerns strengthens gold thanks to the demand for it as a safe haven, but gold then declined with the de-escalation from the Australian side and maintained its daily strikes on the entity without targeting US bases in the region or closing the Strait of Hormuz.

Despite the decline in the price of gold on Monday, gold futures have risen by more than 24% since the beginning of the year, driven by geopolitical and economic uncertainty, and hopes of easing monetary policy.

Gold at the technical level

Gold prices fell as we expected near the levels of 3,390/95 dollars per ounce with the retesting of the broken ascending price channel, before falling to the levels of 3,355/50 dollars per ounce, which we also expected to reach and start buying from as mentioned here in the weekly gold analysis video.

We are still looking for further growth after the precious metal reaches the expected buying areas, and we are currently targeting the levels of 3,395 dollars per ounce again.

We expect that if the USD 3,400 levels are breached, gold will continue to rise towards the USD 3,440 per ounce levels at the very least, and then break through the main peak at the USD 3,500 per ounce levels, which could happen if Iran takes a big action that harms US interests in the region.

Any corrective pullback again near the support levels shown at 3,330 and then 3,305 dollars per ounce will be good areas for the reposition of gold buyers.