Gold may offer a chance for onboarding before take off – Traders wait for US economic data
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Gold climbs to $2477 and consolidates around $2465-$2458.
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A pullback to $2450-$2430 may be Gold's offer to onboard before take off.
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Traders await US Economic data for a pull back to enter longs.
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Tension mounts on Iran threat of attack on Israel as US scrambles its defenses.
Safe haven rush to safety triggered bullish spike in Gold reaching $2477 which matched recent high and at striking distance from $2484 record.
Markets fear an Iranian attack on Israel in collaboration with its allied outfits most likely within 24 hours and US scrambling its aerial and naval defenses rushing to middle east to protect Israel.
Western powers trying to ask Iran to stand down, exercise restraint and avoid escalations seem to be ineffective as Iran keeps flexing its muscles and markets are anticipating a wider flare up in crisis.
Gold took no time in taking its known position to climb to its upper range though upcoming US PPI and tomorrow's CPI data are awaited positive numbers may cause some pull back towards support areas $2450-$2430 which may be considered as offer to onboard before Gold takes off eventually if the war actually begins.
Panic and widespread frenzied rally knows no resistance, however, it is believed that any strong trigger of escalations will prompt an initial spike to $2498 and may extend to $2525-$2550.
As long as geo political crisis looms, shorting Gold sounds riskier than buying the dips which may be a wise choice where risk vs reward is concerned.
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