Gold Remains Bid and Is the Current Haven of Choice
Weekly XAUUSD Chart
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Gold has been running hot since hostilities began between Israel and Hamas on 7 October. In effect, the market is favouring it as a safe haven given the intricacies of the conflict and the danger that it may spread regionally. To this end, XAUUSD has broken above its green sloping downtrend line and its weekly RSI has popped above 50, which is the bullish side of the indicator. If the RSI maintains above 50, then the greater the likelihood that the yellow metal will have momentum support.
Daily XAUUSD Chart
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Moving averages are trend-following indicators. Gold's green 20-day EMA has crossed above its orange 50-day EMA, and its orange 50-day EMA has crossed above its red 200-day EMA (black ellipse). This is a positive development and puts the trend-following indicators into a bullish formation. If they develop angle and separation, it will be considered a further bullish development with gold likely to be heading higher.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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