As would be expected, gold spiked after Israel conducted airstrikes as its safe haven status came to the fore. The precious metal climbed as much as 1.8% before paring some gains, similar to oil. Israeli Prime Minister Benjamin Netanyahu said the operation would continue until the “threat” was removed, and the conflict and war of words escalated. The US wasn’t involved in Israel’s attacks, according to Secretary of State Marco Rubio, but Iran said it would respond against America. Interestingly, over the weekend, President Trump appeared to take a more diplomatic stance, announcing he had blocked a plan by Israel to kill Iran’s leader, Khamenei. However, by definition, this implies he’s very involved with Israel’s actions.
- We can see gold rotating around current levels in the coming weeks/months.
MM is bullish towards gold, medium/long term
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