Gold Prices Poised for Growth

The gold market recorded its fourth consecutive weekly gain, largely driven by the ceasefire between Israel and Hezbollah and the full reopening of the Strait of Hormuz. Prices started the week around $4,676 per ounce and climbed steadily, reaching near $4,890 on Friday before closing slightly lower at approximately $4,829.

Throughout the week, gold maintained a strong upward trend after establishing support near $4,700. It successfully broke above the $4,800 resistance level but later entered a consolidation phase, fluctuating between $4,790 and $4,835. The most significant price surge occurred on Friday following positive geopolitical developments in the Middle East.

Survey data indicates that both Wall Street analysts and retail investors remain bullish on gold in the short term. Many experts believe that easing geopolitical tensions could support further gains, although some warn that overbought conditions may lead to short-term corrections.

From a fundamental perspective, market attention is shifting toward upcoming U.S. economic data. Key releases include retail sales, housing market data, and the confirmation hearing for the new Federal Reserve chair. A potentially dovish monetary policy stance could provide additional support for gold, especially if economic indicators show signs of weakening.

Overall, while reduced geopolitical tensions may slightly weaken safe-haven demand, other factors such as central bank buying, monetary policy expectations, and increased global reserves are likely to support gold prices. Analysts are closely watching the $5,000 level as the next major resistance, with $4,700–$4,750 acting as key support zones.