Risk-Off Sentiment Intensifies — Gold Rises Above 3,440, Eyes 3,500?

TradingKey – At the time of writing, gold prices have surged past the $3,440 per ounce level and are consolidating near the key resistance zone at $3,435 , continuing their upward trend amid rising geopolitical tensions and uncertainty over global trade tariffs.

Geopolitical Tensions Fuel Safe-Haven Demand

On June 13, Israeli Defense Minister Katz announced that Israel has declared a state of emergency and launched a military operation codenamed "Rising Lion" , carrying out airstrikes on dozens of strategic targets inside Iran, aiming to degrade Iran’s nuclear capabilities. Explosions were reported in Tehran and other Iranian cities, with air defense systems reportedly placed on high alert. The escalating Middle East conflict has significantly boosted investor demand for safe-haven assets like gold.

[Gold Daily Chart, Source: Mitrade]

Technical Outlook: Pressure at $3,435, Watch for Short-Term Correction

Currently, gold is facing strong resistance around the $3,435 level. From a technical perspective, there is room for a short-term pullback as momentum indicators suggest overbought conditions. In the absence of major new catalysts, it may be difficult for prices to break through this key level decisively.

Trading Strategy (in absence of major news events):

• Sell on rallies within the current trading range
• Buy on dips to support levels

Market Sentiment Remains Sensitive to Headlines

In the near term, gold prices remain highly sensitive to developments in:

• Middle East tensions — particularly the ongoing Israel-Iran standoff and continued Russia-Ukraine conflict
• U.S. trade policy — uncertainty around potential new tariffs
• U.S. monetary policy — market expectations around interest rate cuts or hikes based on economic data

With growing concerns about global instability and economic uncertainty, gold continues to serve as a go-to asset for investors seeking shelter from volatility.