{"id":134429,"date":"2024-10-14T10:29:24","date_gmt":"2024-10-14T10:29:24","guid":{"rendered":"https:\/\/kinesis.money\/?p=134429"},"modified":"2024-10-14T10:29:52","modified_gmt":"2024-10-14T10:29:52","slug":"gold-rises-middle-east-tensions","status":"publish","type":"post","link":"https:\/\/kinesis.money\/tr\/market-analysis\/gold-news\/gold-rises-middle-east-tensions\/","title":{"rendered":"Gold Price News: Gold gains ground on Middle East tension"},"content":{"rendered":"\n

The latter half of last week saw gold recover most of the losses seen since the start of October, despite a rise in the US Dollar Index to a two-month high and a further firming of US rate expectations amid disappointing inflation data. <\/p>\n\n\n\n

However, geopolitical tensions remain high, particularly with respect to the Middle East, where the market is bracing for another round of armed retaliation. This undoubtedly remains a support for the yellow metal. Gold starts the week trading at $2664\/toz.<\/p>\n\n\n

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\"kinesis
KAG\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n<\/div>\n\n\n

The CFTC Commitments of Traders (CoT) report published late on Friday saw gold speculators again pare their net long futures positions from the 54-month high recorded at the end of September, mirroring the recent lack of momentum in spot prices. However, net speculative longs remain at elevated levels. Conversely, aggregate ETF\/ETC flows have turned negative over the last week, with net inflows to US vehicles being more than matched by net outflows elsewhere, perhaps prompted by stale bulls taking profits on local currency gold gains.<\/p>\n\n\n\n

Looking at the gold chart, last week saw gold successfully defend rising minor oblique support at $2609\/oz and close above the then 20-day Simple Moving Average at $2631\/oz. Momentum has recovered somewhat, with a supportive RSI and a rather less bearish MACD, though both generated on somewhat weak trading volume.<\/p>\n\n\n\n

Gold is currently retesting the upper bound of the 26 June\/ 17 July\/ 25 July ascending channel at $2663\/oz with proximate support from the rising 20-day Simple Moving Average at $2635\/oz and weak oblique ascending support at $2613\/oz. Strong horizontal and rising oblique resistance remains at $2673\/oz and $2706\/oz, respectively. The 100% Fibonacci extension level is at $2710\/oz, and the 161.8% Fibonacci level is at $2820\/oz.<\/p>\n\n\n\n

Today sees speeches from Fed officials Kashkari (hawk, non-voter) and Waller (centrist, voter) while tomorrow sees further comments from the Fed\u2019s Daly (centrist, voter) and Kugler (dove, voter).<\/p>\n\n\n\t\t\t

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Mike<\/a> is a market strategist and media commentator with 30 years of experience analysing precious metals markets.\u00a0\u00a0\u00a0He developed his expertise working as an investment banker in emerging markets such as South Africa, Russia and Chile. His focus on precious metals was extended through subsequent work within private wealth management and his own research consultancy.\u00a0\u00a0\u00a0During this time, he covered the gold, silver, platinum and palladium markets.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/em><\/p>\n

Read our Editorial Guidelines\u00a0here.<\/a><\/em><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

The latter half of last week saw gold recover most of the losses seen since the start of October, despite a rise in the US Dollar Index to a two-month high and a further firming of US rate expectations amid disappointing inflation data. However, geopolitical tensions remain high, particularly with respect to the Middle East, […]<\/p>\n","protected":false},"author":51,"featured_media":134431,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215],"tags":[],"class_list":["post-134429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"acf":[],"yoast_head":"\nGold Price News: Gold gains ground on Middle East tension | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold price news analysis for today, Monday 14th of October 2024, from leading precious metals analyst Mike Ingram.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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