Gold Prices Hit Nine-Week High at $4,398
Spot gold was trading higher at over $4,398 per ounce, recovering from a session low of $4,316. Global commodity markets are affected as persistent geopolitical uncertainties, including delays in reopening the Strait of Hormuz, supported demand for the precious metal. Bullish momentum is supported by the Relative Strength Index (RSI), signalling further upside potential and keeping the overall trend pointed higher.
A decisive break above the 100-day simple moving average (SMA) would pave the way for a test of the $4,400 key psychological level, followed by the 200-day SMA at $4,498 and the $4,500 threshold. Investors are watching the gold market closely as it reacts to global events and economic data.
The current price surge is connected to the ongoing geopolitical tensions and their impact on global markets, similar to how oil prices have been affected by the same set of circumstances.
