Gold Rallies on Middle East Tensions and Technical Breakout, Hits New Highs Toward $1950

Gold (XAU/USD) extended gains on risk aversion from Middle East tensions, accelerating toward $1950/oz.

Higher and longer narrative for Fed rate hikes continues as US 10Y yield hits multi-year highs, but gold remains unfazed.

Escalation via proxies in Middle East remains possible, any US involvement could accelerate gold past $2000.

Major risks for gold remain geopolitical, with little high impact data ahead to sway prices.

Gold broke descending trendline in place since July with rally above $1950 a bullish technical signal, silver stalled at key resistance.