๐ฅ Gold Surges Past $3,400 Amid Israel-Iran War Fears & Dovish Fed Signals
๐ Geopolitical tensions + soft US inflation = GOLD RALLY
๐ XAU/USD hits $3,446 โ its highest level in 5 weeks โ before slight profit-taking pullback to $3,422.
๐น Key Drivers Behind the Surge:
๐ Israel strikes Iran, raising fears of a broader regional war.
๐ฐ Flight to safe-haven assets as global markets turn risk-averse.
๐ US CPI & PPI data show cooling inflation, raising hopes for Fed rate cuts.
๐ UoM Sentiment Index rises to 60.5, but inflation expectations fall โ a dovish combo.
๐๏ธ What's Next?
๐๏ธ Fedโs policy decision next week could be a game-changer.
๐ Traders are pricing in 47 bps in rate cuts by year-end.
๐๏ธ Upcoming US data: Retail Sales, Jobs, Housing, Industrial Production.
๐ฌ Trump on Axios: "There has already been great death and destructionโฆ but thereโs still time to end the slaughter."
โ ๏ธ Oil prices jump 6%, hinting at inflation risks despite overall easing.
๐น Technical Snapshot:
๐ RSI indicates bullish momentum remains strong.
๐ผ Next resistance: $3,450, followed by a record test at $3,500.
๐ฝ First support: $3,400, then $3,281 (50-day SMA) and $3,167 (April high).
๐ฆ Big Banks Are Bullish:
๐ Goldman Sachs sees $3,700 by end-2025,
๐ฆ BofA projects $4,000 within 12 months.
๐ข Gold isnโt just glittering โ itโs glowing under pressure.
