Gold Soars Over $2,400 on Iran-Israel Conflict Fears Before Retreating
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Gold prices shot up dramatically on fears of imminent conflict between Iran and Israel, reaching over $2,400 per ounce before falling back.
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Both the U.S. dollar and gold are acting as safe haven assets, with an unusual simultaneous strengthening as fear spreads.
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Technical trading levels are ignored in volatile geopolitical situations, with traders instead "surfing the wave" of price movements.
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If conflict is avoided over the weekend, gold could retrace some gains but will likely settle at new, higher price levels above $2,400.
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Oil price rises are strengthening the dollar despite higher gold prices, overturning previous inverse relationships between the two assets.