Gaza Peace Plan Challenges Gold’s Record High at $4,000 — Technical Overbought Signals Correction

Source Tradingkey

TradingKey - After gold’s historic breakthrough above $4,000 per ounce, easing geopolitical tensions in the Middle East have cooled investor enthusiasm, while its overbought technical condition is prompting traders to consider profit-taking.

On Monday, October 9, during Asian trading hours, gold pulled back from a record high of $4,050 per ounce, declining 0.66% to $4,014.05/oz.

gold-price

Gold Price Chart, Source: TradingKey

U.S. President Donald Trump announced on social media on October 8 that Israel and Hamas (the Palestinian Islamic Resistance Movement) had agreed to the first phase of a U.S.-proposed peace plan for the Gaza Strip. Both Hamas and Israel later issued statements confirming the agreement.

Gold, long regarded as the premier safe-haven asset during times of political and economic turmoil, reacted swiftly to the news. Just days earlier, the precious metal had hit new all-time highs, driven by:

  • Heavy inflows into gold ETFs
  • Continued central bank buying
  • Political instability in France and Japan
  • Fed rate cut expectations
  • A weakening U.S. dollar

So far in 2025, gold has surged over 53%. Even after surpassing the $4,000 milestone, Wall Street analysts project it could advance toward $5,000 by the end of 2026.

From a technical perspective, the sharp rally has pushed gold’s Relative Strength Index (RSI) to 87, well into overbought territory. With the de-escalation in the Gaza conflict reducing gold’s immediate safe-haven appeal, a short-term correction appears increasingly likely.

Market participants are now assessing whether this pullback marks a pause before the next leg higher — or the beginning of a deeper retracement.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Must Clear This Critical Cost Basis Level For Continued Upside, Analyst SaysIn a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
Author  NewsBTC
Apr 23, Wed
In a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
placeholder
Bitcoin Moving With Stocks, But Ethereum’s Correlation Is FadingBitcoin has been showing notable correlation to the stock equities recently, but data shows Ethereum is charting a more independent path. Bitcoin & Ethereum Showing Different Degrees Of
Author  NewsBTC
Jul 10, Thu
Bitcoin has been showing notable correlation to the stock equities recently, but data shows Ethereum is charting a more independent path. Bitcoin & Ethereum Showing Different Degrees Of
placeholder
Gold Price Forecast: XAU/USD climbs above $3,350 as Trump rekindles trade tensionsThe Gold price (XAU/USD) extends its upside to around $3,365 during the early Asian session on Monday. The precious metal edges higher as traders rushed toward the traditional safe-haven assets after US President Donald Trump widened the global trade war with a fresh wave of tariffs.
Author  FXStreet
Jul 14, Mon
The Gold price (XAU/USD) extends its upside to around $3,365 during the early Asian session on Monday. The precious metal edges higher as traders rushed toward the traditional safe-haven assets after US President Donald Trump widened the global trade war with a fresh wave of tariffs.
placeholder
OpenAI Introduces Lowest-Cost ChatGPT Subscription in India with UPI Payment OptionOn Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
Author  Mitrade
Aug 19, Tue
On Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
placeholder
ANZ Raises Gold Price Forecast to $3,800/Oz, Predicts Rally to Continue Through 2026Gold is expected to continue its upward momentum throughout 2025 and into early 2026, driven by ongoing geopolitical tensions, macroeconomic challenges, and market anticipation of U.S. monetary easing, according to analysts from ANZ in a research note released Wednesday.
Author  Mitrade
Sept 10, Wed
Gold is expected to continue its upward momentum throughout 2025 and into early 2026, driven by ongoing geopolitical tensions, macroeconomic challenges, and market anticipation of U.S. monetary easing, according to analysts from ANZ in a research note released Wednesday.
goTop
quote