Gold fades on softer war predictions
Gold faded off the 2000 zone on Tuesday which was as much expected since Israel ground invasion is much slower and more precise than previously expected. I expect gold will continue this down trend in the following weeks as the war solidifies as a slow manhunting mission, rather than the all out bombardment and tank invasion which was previously predicted. The war is focused at least on Israel’s side as minimizing the civilian deaths. I expect this will continue for at least the next week. But caution is needed as any escalation by hezbolah to the north or Iran directly will push gold prices back over 2000.
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