Article by: ETO Markets

On Friday during the Asian session, the price of gold continued to rise to $2,450 per ounce. Gold investors are filled with concerns about the U.S. employment economic data to be released tonight. The continuous economic weakness has led the market to hold a pessimistic view on key economic data such as U.S. non-farm payrolls and the unemployment rate, boosting safe-haven sentiment and supporting gold prices. Additionally, the escalating geopolitical tensions in the Middle East, following the assassination of a Hamas leader, have further increased the demand for gold. Coupled with dovish remarks from the Federal Reserve (Fed), gold has a good chance of reaching a new historical high. 

From a technical perspective, it seems inevitable that gold will break new highs, with the $… mark unlikely to pose much resistance to its price. The bullish sentiment among gold buyers appears to be unstoppable until it reaches the $…-$… range. Each dip in price is seen as a buying opportunity for gold, with yesterday’s low around $… now acting as a new support level. In the short term, it has become increasingly difficult for gold sellers to regain control.