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Gold Surge Amid Middle East Tensions

– August 7, 2024 –

Gold Market Overview

Gold prices surged significantly during last night’s trading session as fears of escalating tensions in the Middle East intensified. Intelligence reports suggest that Iran and its allied forces might launch an attack on Israel within the next 14 hours, which has increased demand for safe-haven assets like gold.

Impact on Stock Markets

The stock market has momentarily settled as investors shift their focus to concerns over Middle Eastern tensions and upcoming inflation data in the U.S. This shift directly impacts predictions regarding potential interest rate cuts by the Federal Reserve (Fed).

Awaiting PPI Inflation Data

Tonight at 7:30 PM, investors will be watching for the Producer Price Index (PPI) data, which will provide insights into inflation and the Fed’s interest rate decisions for September. A rate cut by the Fed seems almost certain, and tonight’s PPI data is expected to show a decrease from the previous figures.

Trading Strategy

Given the current news and market conditions, if there is a price dip, it presents an opportunity to consider buying gold with the following targets:

  • $2,465 – $2,467/oz
  • $2,470 – $2,472/oz
  • Further targets: $2,475 – $2,477/oz and $2,480 – $2,482/oz Subsequently, consider selling during a potential price rebound with a target drop of 5 – 10 points.

European Session Outlook

In the European session, if gold maintains trading above $2,455 – $2,457/oz or around $2,460 – $2,462/oz, the Buy strategy remains valid. If gold drops and closes below $2,455 – $2,457/oz, reassess the strategy.

Mid-European Session Outlook

If, from mid-European session onwards, gold rises but fails to exceed the $2,480 – $2,482/oz range or remains around $2,475 – $2,477/oz, it may be prudent to exit Buy positions and consider early Sell positions with a target drop of 5 – 10 points.

Conclusion Gold is currently supported by multiple factors; however, it’s crucial to monitor Middle Eastern tensions and tonight’s PPI inflation data for informed trading decisions.

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