Gold Prices Hit Nine-Week High Amid Ongoing Geopolitical Tensions

Gold prices have hit a nine-week high, reaching $4,398 per ounce on Monday. The precious metal's value has been bolstered by ongoing geopolitical tensions and delays in reopening the Strait of Hormuz.

The Relative Strength Index (RSI) is signaling further upside potential for gold, with some analysts predicting a test of key psychological levels. A decisive break above the 100-day simple moving average would pave the way for this potential increase.

Currently, spot gold is trading higher than its session low of $4,316 per ounce, indicating a positive trend in the market.