Gold prices jump to nine-week high
Spot gold was trading higher at over $4,398 per ounce, recovering from a session low of $4,316.
New York: Gold prices rose to a nine-week high on Monday as persistent geopolitical uncertainties, including delays in reopening the Strait of Hormuz, supported demand for the precious metal.
At the time of writing, spot gold was trading higher at over $4,398 per ounce, recovering from a session low of $4,316.
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.