<h1>Gold Closing Review #24K99 News On Wednesday (February 18), despite the strengthening US dollar, spot gold prices still surged significantly, with gold prices briefly breaking the $5000 per ounce mark during the session.</h1>
Spot gold closed on Wednesday up $99.77, an increase of 2.05%, at $4977.29 per ounce.
Analysts pointed out that the latest news from Iran has triggered a rise in safe-haven sentiment. Additionally, the previous day's sharp decline in gold prices attracted some bargain hunters. The liquidity issues caused by the Chinese Lunar New Year holiday have also increased market volatility.
CBS reported on Wednesday that, according to sources familiar with the discussions, senior US national security officials have informed President Trump that the military is prepared to potentially strike Iran as early as Saturday, although any action may be delayed until after this weekend.
Officials speaking anonymously due to the sensitivity of the discussions indicated that Trump has not yet made a final decision on whether to launch a strike.
The discussions have been described as dynamic and ongoing, with the White House weighing the risks of escalating the situation and the political and military consequences that could arise from restraint.
Several officials stated that within the next three days, the Pentagon will temporarily withdraw some personnel from the Middle East—primarily relocating them to Europe or returning them to the United States—to prevent potential Iranian actions or retaliation following US military actions.
Additionally, US Vice President Mike Pence stated on Tuesday evening local time that Tehran has failed to address the core demands of the United States.
Pence told the media, &#34;In some respects, the talks are progressing well, and they have agreed to meet again, but in other respects, it is very clear that some of the red lines set by the President are not something the Iranians seem willing to truly acknowledge and address.&#34;
Pence stated that if diplomatic efforts fail to prevent Iran's nuclear program, Trump reserves the right to use military force.
Meanwhile, sources told Axios that US military actions against Iran could be extensive, lasting for weeks, resembling a full-scale war rather than a raid like the one in January to capture Venezuelan President Maduro.
Gold itself does not yield interest and typically performs well in environments of geopolitical or economic uncertainty, as well as declining interest rates.
Bloomberg reported that after two consecutive days of declines, bargain hunting was active on Wednesday. Earlier this month, a historic sell-off caused gold prices to retreat from the historical high of over $5595 per ounce, leading to unusual market fluctuations.
Investment Banks Bullish on Gold Prices
Despite recent pullbacks, many investment banks expect gold to resume its upward trend this year, believing that the factors driving gold prices higher still exist, including geopolitical tensions, doubts about the independence of the Federal Reserve, and a general sell-off of traditional assets like currencies and sovereign bonds.
BNP Paribas predicts that gold prices will reach $6000 per ounce by the end of the year, with Deutsche Bank and Goldman Sachs Group also holding bullish expectations
Dominic Schnider, CIO of Wealth Management Commodities and Asia-Pacific Foreign Exchange, stated on Monday that despite increased volatility in commodities at the end of January, precious metals, crude oil, and industrial metals overall recorded gains in January; as volatility subsides, the fundamental support for gold and key commodities remains solid.
UBS expects gold to resume its upward trend, potentially reaching a high of $6,200 per ounce by mid-year, driven mainly by central bank and investment demand, expanding fiscal deficits, declining real interest rates in the U.S., and geopolitical risks. At the same time, UBS anticipates further supply shortages for copper and aluminum, providing support for mid-term prices, while long-term demand is underpinned by structural trends such as electrification.
How to trade gold next?
FXStreet analyst Joshua Gibson pointed out that gold prices rebounded sharply on Wednesday after falling more than 2% the previous trading day. On the daily chart, gold opened near $4,880 per ounce on Wednesday, reaching a high of $5,011 per ounce. Spot gold prices are stabilizing around the $5,000 per ounce mark, which has become a key battleground since the sharp reversal from historical highs at the end of January.
Gibson noted that gold prices remain well above the upward 50-day exponential moving average (EMA) of $4,712 per ounce and the 200-day EMA of $4,015 per ounce, confirming that the overall upward trend remains solid. The stochastic indicator is in the neutral zone, close to the midpoint, indicating that momentum is relatively balanced, leaving room for movement in either direction in the future.
Gibson pointed out that gold prices have tested the $5,000 per ounce mark multiple times from below, showing that the market is seeking further confidence for a breakout; if it can consistently close above $5,100 per ounce, it would indicate that the correction phase may be ending and open up upward space towards $5,300 per ounce and the January highs.
<img src="https://imageproxy.pbkrs.com/https://static.fx168api.com/img/user/fa08addb600c393f00285af5bd49d864/0622/100144/%E9%87%91%E4%BB%B7%E5%A4%A7%E6%B6%A8.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://static.fx168api.com/img/user/fa08addb600c393f00285af5bd49d864/0622/100144/%E9%87%91%E4%BB%B7%E5%A4%A7%E6%B6%A8.jpg"/>
(Spot gold daily chart Source: FXStreet)
Gibson added that if gold prices fail to break above $5,000 per ounce and maintain above that level, attention will shift back to the $4,850 per ounce support area and the swing low of $4,400 per ounce from early February

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GLDM

On Wednesday, spot gold prices surged significantly due to sudden news from Iran, closing up by $99.77, an increase of 2.05%, at $4,977.29 per ounce. Despite a strengthening dollar, rising risk aversion attracted dip buying. U.S. national security officials have informed Trump that the military is prepared to launch potential strikes against Iran, possibly before the weekend. U.S. Vice President Pence stated that if diplomatic efforts fail, Trump reserves the right to use military force. Gold has performed well amid geopolitical uncertainty

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[Gold Closing Review] Sudden news from Iran triggers safe-haven demand! Gold prices surge nearly $100. How to trade next?