Buying the Dip in the Gold Price, on A Possible Iran-Israel Conflict
The Gold price reached a new record high today at $2,305 with the volatility being alright. But toward the US close, we're seeing volatility
The Gold price reached a new record high today at $2,305 with the volatility being alright. But toward the US close, we’re witnessing some volatility on news that there might be some retaliation by Iran on Israeli embassies, which sent XAU $25 down to $2,280 before starting to reverse back up.
Gold Chart 15 Minute – The 200 SMA Held As Support
The dip was quite fast in GOLD , as the price fell just below $1,980 in about 15 minutes, piercing the 200 SMA on the 15 minute chart. But it pulled back above it and started to reverse higher, so we decided to open a buy Gold signal, targeting $2,300 as buyers continue to come back time after time.
Iran’s threat to react to events in Israel, along with comments from Federal Reserve officials such as Kashkari suggesting that the Fed may not lower rates this week, have contributed to market uncertainty. The recent rapid rise in oil prices and declines in the stock market are seen as traditional signs of tensions in the Middle East.
Netanyahu’s strong rhetoric against Iran and reports of potential strikes within Israel within the next 48 hours have added to market concerns. Additionally, Israel’s bombing of Iran’s consulate in Syria has escalated tensions in the region. Although the details of the situation are somewhat unclear, reports from sources like Al Mayadeen, a Lebanese television channel, have contributed to market volatility. Furthermore, reports from the Israeli press about the evacuation of some embassies and consulates, along with others being on high alert, have heightened anxieties among investors.
Gold Live Chart
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