Gold, is this retreat temporary?
FXstreet.com (Chicago) – Gold reached $1,433.83 yesterday after concerns over a potential US military intervention in Syria that propelled the price to 3-month highs on risk aversion behavior.
The US has not decided whether or not an intervention should be made in Syria although Obama’s declaration on “limited, tailored” military strike to “send shot across the bow” imply that the possibility of action still exists despite the Security Council’s systems dynamics requiring the votes from countries like China and Russia. The use of chemical weapons violates the Chemical Weapons Convention.
Price action reveals a 0.7% retracement for gold offered at $1,409/oz …read more