The facilitation of aid to the Gaza region has provided momentary calm for gold and silver markets, allowing prices to readjust. The ongoing war maintains the bullish bias
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.2023-10-24 03:30:00Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: US 500: 0.52% Wall Str...An agreement was reached that would see aid flowing to those affected in Gaza and two Israeli hostages made their way back home.
Of course, the fighting is expected to continue but Israel may be open to delay its ground offensive for the safe return of more hostages. This is in contrast to what we have witnessed since the start of the conflict as rockets have been fired from both sides with regularity.Therefore, the gold market has taken this an opportunity to take some risk off the table and reassess the next move.
The temporary reprieve highlights the 38.2% Fibonacci retracement of the 2021 to 2022 major move around 22.35. However, the bullish bias remains intact, with a return to 23.20 not out of the question and even a possible advance towards the 50% Fibonacci level as a guideline.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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