Gold Climbs to Highest Level Since 2013 on Iran-U.S. Tension

Gold rose to the highest level in more than six years as rising tensions in the Middle East stoked geopolitical uncertainty and demand for haven assets. Palladium also extended gains.

Spot bullion climbed as much as 2.3% to $1,588.13 an ounce, the highest level since April 2013, and traded 1.5% higher at $1,575.36 as of 7:22 a.m. in Singapore, while futures gained as much as 2.5% to $1,590.90. Palladium jumped as much as 1.2% to $2,013.90 an ounce, a fresh record high, while silver and platinum also gained. READ MORE

TECHNICAL CHARTS

EUR REVERSAL IN THE MAKING EVEN THOUGH FUNDAMENTAL SHOWS SIGNS OF WEAKNESS
WITH THE WAR OIL ONLY ONE WAY UP – THATS UP – EXPECT MORE VOLATILITY
GOLD IS THE MOST LOVED NOW WITH THE WAR
USD PREPARES FOR MORE FALLS AS CHINA, RUSSIA AND OTHERS TRIES TO UNCOUPLED THEMSELVES
BITCOIN WILL BE SLOWLY UNLOVED AS GOLD AND OTHER PRECIOUS METALS RALLIES
CNY WILL MAKE WAVES THIS YEAR; BE READY FOR MORE DOWNSIDE FOR THE DOLLAR AND UPSIDE FOR CNY
JPY IS BACK AS ASAFE HAVEN SINCE THE WAR STARTED – IT WAS TOO WEAK FOR THE LAST FEW YEARS BUT IS TIME FOR A RALLY. REVERSAL IN THE MAKING

KEY TAKEAWAYS

  • Stay vigilant as the war moves to new level
  • Iran & US tension will stretch to the world
  • OIL price moving up will cause inflation to rise across the world
  • Volatility is expected

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