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Gold rose again as Middle East tensions increase

Olymp Trade

Gold updated a new annual high just below $1453/oz, which was followed by the current correction. Most likely, it will continue to the zone of the previous annual highs, $1435-1438, which is its first support area. We can expect a further decline to $1423 in the medium term. However, there is still an option of further impulse growth and updating the highs. But it will be caused by fundamental, mainly geopolitical factors.

Gold quotes rose on the news that the US military destroyed an Iranian drone in the Strait of Hormuz and President Trump called it a necessary act of self-defense. There was no information whether the drone was armed, but a Pentagon spokesman Jonathan Hoffman stated that it had “closed within a threatening range”.

Olymp Trade Review

Source: https://olymptrade.com/
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