๐Ÿ’ก GOLDOZ: Be careful with Gold

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๐Ÿ’กLast week, gold saw its best weekly gain since mid-March due to increasing safe haven demand as the Israel-Hamas military conflict shows no signs of abating.

๐Ÿ’กIn addition, the US announced tightening sanctions on Russian crude oil exports on Friday, causing oil prices to increase to 90 USD/barrel. Some analysts note that as oil prices continue to rise, gold's safe-haven role will help fight inflation, which is even more beneficial for gold.

๐Ÿ’กAlthough the gold trend is receiving a lot of attention, some analysts warn investors to be cautious and not chase the market. While gold remains well supported by growing safe-haven demand, gold prices face challenging resistance at 1,950, said Ole Hansen, commodity strategist at Saxo Bank. USD/ounce.
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๐Ÿ’ก Colin Cieszynski, market strategist at SIA Wealth Management, is bullish on gold prices this week. He said that falling US Treasury bond yields, a weakening USD and geopolitical uncertainties continue to be factors driving gold's rise.
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