We've seen significant risk-off movements during Asian trading hours following reports that Israel retaliated against Iran, as indicated by the media. However, Iran stated that it is unclear who was behind the incident and that there were no immediate plans for retaliation. As a result, investors and traders quickly exited stocks, leading to a noticeable drop in several stock indexes.
Consequently, the dollar turned to the upside, as well as gold, which is a common reaction in risk-off scenarios. If we take a look at the gold structure more closely, you'll notice that during the intraday Asian reaction higher, the movement was quite limited. Therefore, we still believe that metal can be in part of a deeper, corrective decline, especially if the situation calms down a bit and investors perhaps realize that things are not as dire as they seem.
But based on Elliott wave pattern, we assume that there will be more upside, but possibly after wave four reaches lower support, near 2300 or after a triangle formation.
If metal breaks below 2200, then more significant top can be in
Grega
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Gold to Find New Buyers Near $2300
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