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Gold bar with Israeli and Iranian flags, declining red chart line, and US dollar background symbolizing gold price rally amid geopolitical tensions and currency weakness

Spot Gold Extends Rally on Israel-Iran Tensions and US Dollar Weakness.

The yellow precious metal prices surged further on Wednesday as reports emerged that Israel is preparing a possible strike on Iran’s nuclear facilities, raising fears of escalating Middle East instability.

While Israeli leadership has yet to make a final decision, military movements indicate preparations are underway, boosting safe-haven demand.

The weakness in the US dollar continued to 99.35 since Moody’s downgraded the US sovereign credit rating due to fiscal concerns, which also supported gold’s gains.

Heightened geopolitical risks and ongoing uncertainty over US trade negotiations kept investors drawn to havens like gold and the Japanese Yen, fuelling the rally.

As the rally extends, technicals point to an extension for spot gold’s rally.

The RSI is positive, while the MACD signal remains mixed.

With downside risks cancelled around $3,130–3,150 and $3,096–3,108, bulls now target $3,348–55 or higher to $3,368-70.

Reassess from there.

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