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Gold hit a historical high, surpassing $2140.00 per ounce. The last attempt to stay above the $2000.00 happened on May 4, when the price reached $2080.00. However, it corrected afterward and attempted to test the local low at $1800.00.
Undoubtedly, the geopolitical tension in the Middle East affected the gold market as investors had to seek ways to preserve their capital. They primarily acquired physical gold, increasing the futures prices.
The second reason points to the weakening of dollar and the overall trends in global trade, where the idea of moving away from dollar as the world's currency used to buy commodity assets, primarily crude oil, continues to gain strength. Most likely, in the future, part of real transactions will take place in national currencies.
Considering this, gold will remain trading near its current levels, although after it sharply rose above $2100.00, there may be profit-taking, which could be a reason for a decline. But overall, prices may confidently consolidate above $2100.00 per ounce shortly.
Technical picture and trading idea:
The price surged above the upper Bollinger Band boundary, which, in most cases, signals a potential reversal. Since the RSI exited the overbought area, indicating a selling signal, which the Stochastic also confirms, XAU/USD, after its rapid surge, may decline to 2031.50 and possibly even lower.
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