Gold has been the biggest beneficiary from the tension in the Middle East which seems to have reignited the precious metals safe-haven appeal. Where to from here?
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.2023-10-18 16:05:00Gold extended its gains throughout the day today in light of increased risk aversion from market participants. The rise of the risk-off environment today comes courtesy of an explosion of a hospital in Gaza last night which saw both Israel and Palestine trade blame for the atrocity.
Another positive according to the Fed is the longer dated US treasuries which continue to advance. The US 10Y yield has hit multi-year highs this week and printed a fresh 2023 high with Fed policymakers believing a higher yield on longer dated treasuries could do some of the heavy lifting for them. As you can see on the chart below the US 10Y is now trading at levels last seen in in January of 2007.
A daily close above the $1950 mark will likely be required for bullish continuation. Under normal circumstances this would be key but given the geopolitical situation, a close below $1950 could still see bullish continuation tomorrow depending on risk sentiment heading into the weekend. $1950 has been a key area of resistance on two occasions since August, underlining the importance of the level.
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