Gold has surpassed $2,400 once more, as the worsening geopolitical situation increases demand

Gold briefly rose above the $2,400 mark for the second time, bolstered by heightened safe-haven demand after Israel’s attack on Iran early Friday.

Although the metal’s price peaked at $2,417, the surge was short-lived. Nonetheless, attention remains on the upside in the near term, as concerns about further regional escalation continue to drive demand.

The technical outlook remains strongly bullish, with indicators in a bullish setup and recent price dips held at the rising 10-day moving average.

However, the overbought RSI and diminishing positive momentum suggest that prices may enter a period of extended consolidation before the larger upward trend resumes. The next target in focus is at $2,500.

Immediate support is found at the rising 10-day moving average of $2,363, with potential extended dips likely finding a floor above the $2,300 psychological level, bolstered by the rising 20-day moving average.

Conversely, a loss of the $2,300 level would weaken the near-term structure and risk testing the next key support at $2,260, which is the 38.2% Fibonacci retracement of the $1,984/$2,431 range.

Res: 2400; 2417; 2431; 2500

Sup: 2362; 2364; 2326; 2300