Gold prices fell on Wednesday (Oct 2), erasing some of the previous session's gains, as traders awaited an Israeli response to an Iranian missile attack.
Geopolitical crises tend to trigger immediate market reactions, but these often reverse if no major assets are affected, analysts said. Gold remains an attractive hedge. When considering how markets might react next, the main concern is the risk of escalation, especially if Iran's oil assets could be targeted.
Spot gold fell 0.19% to $2,658.26 an ounce.
Operation suggestion: the lowest daily line to 2640.7 position after the market strong pull up, the daily line twice gives the daily line high after the market finishing, the daily line finally closed in the 2658.8 position after the market with a very long hammer shape line, and after the end of such a shape, the daily line interval consolidation and pull up signal, the point.
Trading strategy: long near 2646, stop loss 2640, target 2664-2681.
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