October 18, 2024 - (Gold Market Wire) - Yesterday we wrote, "The above looks like a slingshot, and it may be that when the invasion begins and Iran "responds" that the US Dollar and Gold will rise together. The chart is signalling that possibility, and has moved to a logical resting place, awaiting further developments."

Well, we got the "further developments" in the bombing of a hospital in Gaza that has killed over 500 people. Bidens planned trip to the mid-east is now sans all Arab states. No Jordan, no Egypt. US carrier groups are closing in on the region and a major conflagration in Syria is likely forthcoming. That will test the Iranian's to respond, perhaps by an invasion of Iraq, where they have amassed troops.

The war is expanding on a daily basis. The Ukranian use of ATCAM missiles is another escalation.

Unsurprisingly, Gold has broken out.

We are likely to retest the all-time high in Gold. It is likely we will surpass it and move into a new 'atmosphere' with Gold. Our profit-taking was supported by the discipline, but we must now return to a long position in the market. $2000 /.oz beckons.