Gold continues to rise because of tensions in the Middle East
Updated
Daniel Pavilonis, senior commodities broker at RJO Futures, said that precious metal prices will continue to be driven by geopolitics.
This expert predicts: "If nothing dramatic happens, gold prices will retrace and test recent support levels. Central banks will also be watching the gold market and they will not be happy to see Precious metals are strong. We will see more geopolitical turmoil in the Middle East and I think that will support precious metals."
Sharing the same opinion, Mr. Darin Newsom, senior market analyst at Barchart.com, believes that gold prices will increase more this week. "Currently, it seems that the investment side of the market continues to view gold as a safe haven market against uncertainties in the Middle East," Mr. Darin Newsom emphasized.
According to Mr. Adam Button, chief currency strategist at Forexlive.com, gold and oil are still sensitive to new developments in the conflict in the Middle East.
“For any instability in the Middle East, there is always an increase in the price of gold, oil and the USD,” he said. So far, these products are progressing according to the script."
This expert predicts: "If nothing dramatic happens, gold prices will retrace and test recent support levels. Central banks will also be watching the gold market and they will not be happy to see Precious metals are strong. We will see more geopolitical turmoil in the Middle East and I think that will support precious metals."
Sharing the same opinion, Mr. Darin Newsom, senior market analyst at Barchart.com, believes that gold prices will increase more this week. "Currently, it seems that the investment side of the market continues to view gold as a safe haven market against uncertainties in the Middle East," Mr. Darin Newsom emphasized.
According to Mr. Adam Button, chief currency strategist at Forexlive.com, gold and oil are still sensitive to new developments in the conflict in the Middle East.
“For any instability in the Middle East, there is always an increase in the price of gold, oil and the USD,” he said. So far, these products are progressing according to the script."
Note
SELL GOLD 1972 - 1974TP1: 1965
TP2: 1960
SL: 1982
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