Geopolitical news:
- Israeli PM Netanyahu warns Gaza residents to leave now
- Says that forces are now organizing and assembling into Gaza city for a ground maneuver
Over the weekend, Pres. Trump said
- He thought they will have a deal on Gaza very soon
A deal may mean a full military occupation of Gaza city and the eradication of Hamas. We will see how this plays out.
Gold prices continue to draw strong support from heightened geopolitical tensions, with the metal up $50.86 (1.42%) on the day at $3,636.67. Earlier, it set a new intraday high at $3,646.46.
Last Tuesday marked a pivotal breakout as gold climbed above its prior all-time intraday high of $3,500.12 (set on April 22). That move ended the broad sideways range that had contained prices between $3,121 and $3,500 since April. More recently, gold had been consolidating in a narrower band between $3,245 and $3,452, but that zone was also cleared on September 2.
With both of those barriers broken, the former resistance zone between $3,452 and $3,500 now shifts to support. As long as gold holds above that area, buyers remain firmly in control and the bullish run has room to extend further.
