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Gold exceeded 1600$, but not for long

Olymp Trade

On Wednesday, gold updated its seven-year high at $1611 per ounce after Iran launched rocket attacks on two US air bases in Iraq. The next day, the U.S. House of Representatives approved a resolution designed to deprive President Donald Trump of the opportunity to take new military measures against Iran. The president, in turn, said he plans to introduce new economic sanctions against Iran instead of military operations. Wars in the Middle East have been avoided so far.

Against the backdrop of the de-escalation of the conflict, price of the precious metal decreased by 4.2% from the peak and is currently concentrated in the price channel of $1545-1555. Investors reduced their interest in defensive assets and switched to more risky instruments. With a high probability in the medium term, the price of gold will continue to decline. When the level of $1545 is broken, the psychological level of $1500 will become a local target for bears.

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Source: https://olymptrade.com/
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