Gold rallies 6% post-midterms but faces key test at $4,200
Gold prices rose over 6% this week after Democratic midterm wins. The metal recovered above $4,000 and now faces a test at $4,200.
Iraqi militias attacked Saudi pipeline, exposing defense gaps. Repair timeline 3-6 weeks; further strikes could make it indefinite.
Perhaps the most significant lesson from the attacks on Saudi Arabia's east-west pipeline is not merely that they happened, but that Iraqi militias were capable of launching them and Saudi Arabia could not defend against them.
According to reports, repairs will take three to six weeks, but further strikes could extend the timeline indefinitely. Saudi Arabia is evidently being drawn deeper into the conflict by the Houthis, while Iran appears to be positioning itself to gain leverage for a comprehensive peace. The Houthi fighters have so far demonstrated surprising tactics, capturing coastal areas and islands, including Mocha.
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Gold prices rose over 6% this week after Democratic midterm wins. The metal recovered above $4,000 and now faces a test at $4,200.
Oil prices dropped after the Democrats won the midterms. WTI crude now tests a key support region near moving averages.
Veteran trader Peter Brandt says silver may be near a final low, but warns a rebound will be gradual. The metal trades 56% below its January record.
Gold rose about 3.3% and Brent fell about 9% on Iran diplomacy hopes, testing Citi's de-escalation thesis. Fed hike odds stayed near 83%.