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Spot Gold Surges Past $3,400 as Geopolitical Tensions Mount and Bullish Momentum Builds

The yellow metal surged past the $3,400 target on Thursday, with bulls eyeing $3,500, as safe-haven demand spiked on fears of military conflict between Israel and Iran.

President Trump confirmed US personnel withdrawals from the Middle East, warning an Israeli strike “could very well happen.”

Tensions rose after Iran was found breaching nuclear obligations, and Tehran warned of retaliation.

Meanwhile, the US Dollar Index fell to a three-year low of 97.59, down over 9% this year, driven by weak inflation data, Trump’s tariff threats, and growing “Sell America” sentiment.

Technically, momentum has firmed, with the Relative Strength Index (RSI) in positive territory, indicating renewed demand interest.

The Moving Average Convergence Divergence (MACD) remains in a state of indecision, with the signal line and histogram showing minimal divergence, reflecting a lack of strong momentum in either direction.

Meanwhile, the Average Directional Index (ADX), which measures the strength of a trend regardless of its direction, is pointing higher, suggesting that the current bullish trend is gaining traction.

With ongoing geopolitical tensions and US fiscal concerns providing a supportive backdrop, the rebound is expected to continue, potentially paving the way toward the key $3,500 level.

Initial support is noted at $3,398, while firmer support is seen in the $3,378–3,381 zone, which may act as a cushion on any pullbacks.

Daily Chart Spot Gold

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