Spot price of gold could reach $2130 in December 2023 as Israel-Palestine conflict continues

Gold Trading Plan – The market expects the third scenario, which is the most likely as suggested by several high-ranking US and European delegations traveling to the Middle East these days. If gold manages to close above $2,000, then gold can touch its new high of $2,130.

• Gold price extends upside as Israel prepares to attack Hamas group.
• Fed Chair Powell supported neutral interest rates amid higher US bond yields.
• 10-year US Treasury yields jump above 4.9% amid unsustainable Congress budget deficits.
• Gold gains momentum, tests $1,997
• Gold extended its weekly rally and climbed above the $1,990 zone for the first time in five months on Friday. XAU/USD (Yellow Metal) continues to benefit from safe-haven flows as investors look to reduce risk exposure, while falling US yields provide an additional boost.

Gold prices have continued their relentless move higher, with the $2,000 an ounce level coming closer into view as demand for the yellow metal remained strong at a time when seasonal demand tends to be high anyway. Q4 last year was a record quarter for gold demand and it looks like this year could see a similar trend.

But if there is a massive bombing or ground invasion of Gaza, the stock, commodity, MCX and currency markets will go wild, and Gold (Yellow Metal) will have the opportunity to update its all-time highs. Anyway, buying gold at $1,825 an ounce at the end of September seems like a wise investment. I recommend keeping longs and building them on retracements.