Gold Breaks Key Trendline After Vance Comments on Iran War
Gold broke above a key trendline after Vice President Vance's comments on Iran fueled de-escalation bets, opening potential rally to 4,700.
Trump announces that Ukraine and Russia have both agreed to avoid attacking each other's energy targets, causing oil prices to drop.
Trump posted on social media:
Ukraine has agreed not to hit Russian Energy targets. Russia has agreed to do, likewise! The World’s Diesel price rise is mostly caused by the Russia/Ukraine War, not Iran. President DJT
Crude oil prices moved lower following the announcement.
A steady stream of messages from the White House has sought to attribute energy price increases to the conflict in Ukraine rather than to the situation in Iran. There is some validity to the diesel point, though large refineries in the Middle East are also hindered by the closure in Hormuz.
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Gold broke above a key trendline after Vice President Vance's comments on Iran fueled de-escalation bets, opening potential rally to 4,700.
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.